Searchlight Minerals Corp. Sells an Initial 3 Million Shares of Common Stock for $1.6 Million

Searchlight Minerals Corp. (OTC:SRCH) enters into a Common Stock Purchase Agreement with Seaside 88, LP.
The press release is quoted as saying:

The Initial Closing of 3 million shares occurred on December 22, 2010. In that closing the Company received net proceeds equal to 85% of the initial VWAP (defined below) of $0.6250, or $0.53125 per share. This resulted in gross proceeds to the Company of approximately $1.6 Million.

Click here to access the entire press release