4//SEC Filing
Searchlight Minerals Corp. 4
Accession 0001144204-14-063771
CIK 0001084226operating
Filed
Oct 29, 8:00 PM ET
Accepted
Oct 30, 6:01 AM ET
Size
23.6 KB
Accession
0001144204-14-063771
Insider Transaction Report
Form 4
ORING MARTIN B
Director
Transactions
- Purchase
Common Stock
2014-09-18+8,750→ 8,750 total(indirect: By Wealth Preservation Defined Benefit Plan) - Purchase
7% Convertible Notes due 2018
2014-09-10$7500.00/sh(indirect: By Wealth Preservation Defined Benefit Plan)Exercise: $0.39From: 2014-09-10Exp: 2019-09-10→ Common Stock (19,230 underlying) - Purchase
Common Stock Purchase Warrants
2014-09-18+16,188→ 16,188 total(indirect: By Trust)Exercise: $0.30From: 2014-09-18Exp: 2019-09-18→ Common Stock (16,188 underlying) - Purchase
Common Stock
2014-09-18+32,375→ 337,375 total(indirect: By Trust) - Purchase
Common Stock
2014-10-07+500,000→ 508,750 total(indirect: By Wealth Preservation Defined Benefit Plan) - Purchase
Common Stock Purchase Warrants
2014-09-18+4,375→ 4,375 total(indirect: By Wealth Preservation Defined Benefit Plan)Exercise: $0.30From: 2014-09-18Exp: 2019-09-18→ Common Stock (4,375 underlying) - Purchase
7% Convertible Notes due 2018
2014-09-10$27750.00/sh(indirect: By Trust)Exercise: $0.39From: 2014-09-10Exp: 2019-09-10→ Common Stock (71,153 underlying) - Purchase
Common Stock Purchase Warrants
2014-10-07+250,000→ 254,375 total(indirect: By Wealth Preservation Defined Benefit Plan)Exercise: $0.30From: 2014-10-24Exp: 2019-10-24→ Common Stock (250,000 underlying)
Footnotes (7)
- [F1]The reported securities are included within 32,375 Units purchased by the Martin Oring Financial Trust for $0.20 per Unit in consideration for the cancellation of $6,475 in debt owing by Searchlight Minerals Corp. (the "Company") to the Martin Oring Financial Trust for September 18, 2014 interest payments due on certain notes. Each Unit consists of one share of common stock and one half of a common stock purchase warrant, where each full warrant will entitle the warrant holder to purchase one share of the Company's common stock at an exercise price of $0.30 per share.
- [F2]These shares are held by Wealth Preservation, Defined Benefit Plan, of which Mr. Martin Oring and Mrs. Olivia Oring are sole beneficiaries and trustees, and in such capacity are deemed to hold voting and dispositive power over the securities held by the Wealth Preservation Defined Benefit Plan. Mrs. Olivia Oring is Mr. Oring's wife.
- [F3]Mrs. Olivia Oring is one of the trustees of the Martin Oring Financial Trust Dated December 20, 2006, which was created for the benefit of Mr. Oring's children and grandchildren.
- [F4]The reported securities are included within 8,750 Units purchased by the Wealth Preservation Defined Benefit Plan for $0.20 per Unit in consideration for the cancellation of $1,750 in debt owing by the Company to the Wealth Preservation Defined Benefit Plan for September 18, 2014 interest payments due on certain notes. Each Unit consists of one share of common stock and one half of a common stock purchase warrant, where each full warrant will entitle the warrant holder to purchase one share of the Company's common stock at an exercise price of $0.30 per share.
- [F5]The reported securities are included within 500,000 Units purchased by the Wealth Preservation Defined Benefit Plan for $0.20 per Unit in cash. Each Unit consists of one share of common stock and one half of a common stock purchase warrant, where each full warrant will entitle the warrant holder to purchase one share of the Company's common stock at an exercise price of $0.30 per share.
- [F6]On September 18, 2013, the Company completed a private placement (the "Offering") of secured convertible notes which accrue interest at a rate of 7% per annum, payable semi-annually (the "7% Convertible Notes"). Such 7% Convertible Notes are due five years from their date of issuance and are convertible at any time while outstanding, at the option of the holder, into shares of common stock of the Company at $0.39 per share, as adjusted. Wealth Preservation Defined Benefit Plan and the Martin Oring Financial Trust, affiliates of Mr. Oring, purchased an aggregate of $235,000 in 7% Convertible Notes in the Offering (the "Initial Investment").
- [F7]Pursuant to the terms of the transaction documents governing the Offering, such affiliates of Mr. Oring had the option to purchase an additional principal amount of 7% Convertible Notes in the aggregate amount not greater than 15% of the Initial Investment during the one year period following the closing of the Offering. On September 9, 2014, the Wealth Preservation Defined Benefit Plan and the Martin Oring Financial Trust exercised such option and purchased an aggregate of $35,250 in additional 7% Convertible Notes.
Documents
Issuer
Searchlight Minerals Corp.
CIK 0001084226
Entity typeoperating
IncorporatedNV
Related Parties
1- filerCIK 0001084226
Filing Metadata
- Form type
- 4
- Filed
- Oct 29, 8:00 PM ET
- Accepted
- Oct 30, 6:01 AM ET
- Size
- 23.6 KB