Christian Leone, Luxor: Luxor Capital Group, a hedge fund managed by Christian Leone recently added Searchlight Minerals Corp. (OTCMKTS:SRCH) to its equity portfolio, a filing with the Securities and Exchange Commission showed. According to the filing, Luxor Capital Group now owns slightly below 31.3 million shares of Searchlight Minerals, which means that the position held by the fund in the company amounts to 20.9%. At the current price of company’s stock, the value of Luxor’s stake is over $11.4 million. The stake held by Luxor makes it one of the largest shareholders of Searchlight Minerals.
In its latest 10-Q report filed with the SEC, Searchlight Minerals reported a net loss of over $1.1 million, versus a net income of about $1.8 million for the second quarter of last year. For the first six months of 2013, the company posted a net loss of below $2.1 million, which is lower than the net loss of $2.8 million reported a year ago. Searchlight Minerals is a currently in its exploration stage since its foundation. It has not had any revenues from operations and it is engaged in exploration, purchasing and development of various mineral and mining properties. The company will enter the development stage as soon as it discovers mineral reserves that can be commercially extracted.