Luxor Capital Group has increased its position in the nano-cap company Searchlight Minerals Corp. (OTCMKTS:SRCH). In a new Form 4 filing, Luxor Capital, managed by Christian Leone, revealed adding a total of 455,000 shares of the company, increasing its stake to approximately 16.91 million shares. The securities have not been bought in an open-market transaction but have been obtained in lieu of cash in relation to the semi-annual interest payment on Searchlight Minerals Corp. (OTCMKTS:SRCH)’s Secured Convertible Promisory Notes. The shares are not held directly by Luxor, but through several affiliates.
Searchlight Minerals Corp. (OTCMKTS:SRCH) has a market cap of around $31 million and is an exploration-stage company focused on slag reprocessing and exploration of mineral properties.
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