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Filing Details

Accession Number:: 0001144204-14-063771
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2014-10-30 06:01:09
Reporting Period:: 2014-09-10

Filing Date:: 2014-10-30
Accepted Time:: 2014-10-30 06:01:09
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1084226	Searchlight Minerals Corp.	SRCH	Metal Mining (1000)	980232244

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1246393	B Martin Oring	7582 Hawks Landing Drive West Palm Beach FL 33412	Ceo And President	Yes	Yes	No	No

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Acquisiton	2014-09-18	32,375	$0.00	337,375	No	4	P	Indirect	By Martin Oring Financial Trust
Common Stock	Acquisiton	2014-09-18	8,750	$0.00	8,750	No	4	P	Indirect	By Wealth Preservation Defined Benefit Plan
Common Stock	Acquisiton	2014-10-07	500,000	$0.00	508,750	No	4	P	Indirect	By Wealth Preservation Defined Benefit Plan

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	P	Indirect	By Martin Oring Financial Trust
No	4	P	Indirect	By Wealth Preservation Defined Benefit Plan
No	4	P	Indirect	By Wealth Preservation Defined Benefit Plan

Reported Derivative Transactions

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Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
Common Stock	7% Convertible Notes due 2018	Acquisiton	2014-09-10	0	$27,750.00	71,153	$0.39
Common Stock	7% Convertible Notes due 2018	Acquisiton	2014-09-10	0	$7,500.00	19,230	$0.39
Common Stock	Common Stock Purchase Warrants	Acquisiton	2014-09-18	16,188	$0.00	16,188	$0.30
Common Stock	Common Stock Purchase Warrants	Acquisiton	2014-09-18	4,375	$0.00	4,375	$0.30
Common Stock	Common Stock Purchase Warrants	Acquisiton	2014-10-07	250,000	$0.00	250,000	$0.30

Remaning Holdings	Exercise Date	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
0	2014-09-10	2019-09-10	No	4	P	Indirect
0	2014-09-10	2019-09-10	No	4	P	Indirect
16,188	2014-09-18	2019-09-18	No	4	P	Indirect
4,375	2014-09-18	2019-09-18	No	4	P	Indirect
254,375	2014-10-24	2019-10-24	No	4	P	Indirect

Footnotes

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.
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.
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.
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.
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.
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").
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.