Searchlight Resources Inc (SCLTF)

[crossbow]

It was mentioned after the reverse split that Management would then go through the offers sitting on the table while they were working Alpha.

In my opinion, they had an offer to buy out or merge the company, and they wanted to jack the stock's price up and increase their share holdings. In record time they arranged a Private Placement to get a bundle of shares that had just been reversed. That was their way to cut us out. This Placement had a fantastic deal, one share for 5 cents and one warrant thrown in to buy another share for 5 cents. A stock that had just been reversed to decrease the number of outstanding shares, just created another 16 million shares. On top of that they really didn't raise a large sum of money. $400,000 for the stock and possibly another $400,000 later if the warrants are exercised.

The move of corporate HQ into Canada probably gave them the ability to shaft us. We still have a chance to recover some of our money. They can't sell their shares for 4 months. If they run the stock's price up to get a better deal in a sale or merger of Canyon Copper, we have 4 months to unload our shares. We had better keep a watch on the stock's price, so we can get back some of our lost money. JMHO