Regina, Saskatchewan--(Newsfile Corp. - April 4, 2019) - GEM OIL INC. today announces that it has acquired an aggregate of 5,000,000 common shares of Searchlight Resources Inc. (TSXV: SRCH) ("SRCH" or the "Company") through purchases on the TSX Venture Exchange dated April 30, 2018, May 01, 2018, May 10, 2018 and October 10, 2018. GEM OIL INC. paid an aggregate of $571,829.67 for the shares, representing an average purchase price of $0.11 per share. The shares purchased by GEM OIL INC. represent approximately 20.05% of the issued and outstanding common shares of the Company.
GEM OIL INC. now owns or has control or direction over an aggregate of 5,000,000 common shares of the Company, representing approximately 20.05% of the Company's issued and outstanding common shares. The shares were acquired by GEM OIL INC. for investment purposes. GEM OIL INC. may acquire additional securities of SRCH either on the open market or through private acquisitions or sell securities of SRCH either on the open market or through private dispositions in the future, and to engage in any hedging or similar transactions with respect to the securities, depending on market conditions, reformulation of plans and/or other relevant factors. Other than the foregoing, GEM OIL INC. does not have plans or any future intentions which relate to or would result in any of the other foregoing matters.
I, as the agent filing this release on behalf of GEM OIL INC, certify to the best of my knowledge, information and belief, that the statements made are true and complete in every respect.
GEM OIL INC.
The TSX Venture Exchange has not reviewed, approved or disapproved the contents of this press release.
The Form 62-103F1 - Required Disclosure under the Early Warning Requirements associated with this news release can be obtained from:
GEM OIL INC. Box 1111, Regina, Saskatchewan, S4P 3B2
(306) 541 5678