HENDERSON, NV, April 29 /PRNewswire-FirstCall/ -- The board of directors of Phage Genomics Inc. (the “Company”) announces that the following actions have been taken further to the Company’s previously announced reorganization and restructuring into a gold exploration company.
Financing
The Company’s board of directors have approved an offering to U.S. and Canadian accredited investors of up to 4,000,000 units at a price of $0.50 per unit for a total proceeds of $2,000.000.USD. Each unit consists of one share of the Company’s common shares and one half of one share warrant entitling the holder thereof to purchase an additional share of the Company’s common stock at a price of $0.75 for a period of one year from the closing of the offering.
Proceeds of the offering are intended to fund the Company’s plan of development of the Searchlight gold project, located south of Searchlight, Nevada. Independent confirmation of the Company’s Searchlight projects assay results are continuing at this time. The assay results are intended to be announced upon receipt by the company. There is no assurance that the offering or any part of it will be completed.
Name Change
In connection with the Company’s restructuring the Company’s board of directors have approved a change of the Company’s name to “Searchlight Minerals Corp”. The board believes that the new name will more accurately reflect the Company’s current business activities and promote public recognition of the Company’s business focus. The name change is subject to stockholder and regulatory approval.
Cancellation of common stock
Further to the Company’s restructuring, the Company has cancelled 35,000,000 of its issued and outstanding shares of common stock which have been submitted for cancellation.
Forward looking statements
This news release contains certain forward-looking statements within the meaning of the Private Securities litigation reform Act of 1995, Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange act of 1934. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties (see the company’s reports filed with the SEC). The Company assumes no obligation to update the information contained in this news release.
K. Ian Matheson, C.A., President (signed) ---------------------------- For information or a complete summary of the “Searchlight Project” call Company at 1-866-550-6266 or E-mail www.searchlightminerals@gmail.com
Phage Genomics Inc.
CONTACT: or a complete summary of the “SearchlightProject” call Company at 1-866-550-6266 or E-mailhttp://www.searchlightminerals@gmail.com/