In a just published Form 13, filed with the US Securities and Exchange Commission (SEC), Searchlight Minerals Corp. (OTCMKTS:SRCH) reported that Luxor Capital Group has picked up 93,930,386 of common stock as of 2017-04-25.
The acquisition brings the aggregate amount owned by Luxor Capital Group to a total of 93,930,386 representing less than 26.1% stake in the company.
For those not familiar with the company, Searchlight Minerals Corp. is an exploration-stage company. The Company is engaged in a slag reprocessing project, the Clarkdale Slag Project. The Clarkdale Slag Project, located in Clarkdale, Arizona, is a reclamation project to recover precious and base metals from the reprocessing of slag produced from the smelting of copper ore mined at the United Verde Copper Mine in Jerome, Arizona. There is approximately 20 million tons of slag available to be processed at the Clarkdale site. The Company’s processing flow diagram consists of grinding the slag material using high pressure grinding rolls (HPGR), then pretreatment by melting the slag at high temperature, followed by leaching the slag in an autoclave. The Clarkdale Slag Project is located in Clarkdale, Arizona, approximately 107 miles north of Phoenix, Arizona and over 50 miles southwest of Flagstaff, Arizona in Yavapai County. The slag pile occupies approximately 45 acres on the property.
A glance at Searchlight Minerals Corp. (OTCMKTS:SRCH)’s key stats reveals a current market capitalization of 17.31 Million based on 345.60 Million shares outstanding and a price at last close of $0.05 per share.
Looking at insider activity, there are a few transactions worth noting.
Specifically, on 2016-03-18, Luxor picked up 31,712,229 at a purchase price of $0.04. This brings their total holding to 37,179,695 as of the date of the filing.
On the sell side, the most recent transaction saw Ager unload 5,900 shares at a sale price of 0.64. This brings their total holding to 0.
It’s possible to gauge a company’s potential by tracking the activity of its major holders, as well as checking in on insider activity such as those transactions listed above. We’ll be keeping an eye on Searchlight Minerals Corp. (OTCMKTS:SRCH) as things move forward to see if its progress aligns with these transactions.
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