Searchlight Resources Inc. (OTCMKTS:CNYCF) Stock In Downtrend: Falls 12% In a Month

Searchlight Resources Inc. (OTCMKTS:CNYCF) is down 12% in a month. The company has closed the second tranche of its private placement financing of non-flow-through and flow-through units, as previously announced on November 14, 2021.

Market Stats

On Friday, CNYCF stock ended flat at $0.0616 with 26K shares, compared to its average volume of 29K shares. The stock has moved within a range of $0.0616 – 0.0616 after opening trading at $0.0636.

Searchlight Resources Closes Second Tranche of Private Placement Financing

The second private placement tranche totaled $495,600, accounting to $280,600 non-flow-through units and $215,000 flow-through units. The first private placement tranche closed on December 2, 2021, was around $878,337 and comprised $160,000 non-flow-through units and $718,337 flow-through units.

The company issued 3.507 units in the second tranche at $0.08 per unit for the total proceeds of $280,600. Notably, each unit comprises a common share and one-half of a common share purchase warrant. Warrant holders will be entitled to purchase additional Searchlight Resources common shares at $0.12 per share for two years from the day of issuance. Also, the company issued 2.25 million flow-through units at $0.1 per unit for $215,000 in total proceeds. Again, each unit comprises a flow-through common share and one-half of a purchase warrant for common share. So in the coming weeks, CNYCF is worth watching.

Traders Corner

CNYCF stock is trading below the 20-Day and 50-Day Moving averages of $0.0653 and $0.0634 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0611.