Regina, Saskatchewan--(Newsfile Corp. - September 25, 2019) - Gem Oil Inc. today announced that it has acquired, directly and indirectly, an aggregate of 2,000,000 common shares of Searchlight Resources Inc. (TSXV: SCLT) ("SCLT" or the "Company")
The 2,000,000 common shares were acquired by Gem Oil Inc. by way of Acquisition or disposition under a prospectus series of open-market purchases made on September 09, 2019 under which Gem Oil Inc. paid an aggregate of $100,000.00, representing an average price of $0.05 per share. Collectively, the shares acquired by Gem Oil Inc. represent approximately 6.72% of the issued and outstanding shares of the company.
Gem Oil Inc. now owns or has control or direction over an aggregate of 7,500,000 common shares of the company, representing approximately 25.33% of the company's issued and outstanding common shares.
The shares were acquired by Gem Oil Inc. for investment purposes.
Gem Oil Inc. may acquire additional securities of SCLT either on the open market or through private acquisitions or sell securities of SCLT either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
Other than the foregoing, Gem Oil Inc. does not have plans or any future intentions which relate to or would result in any of the other foregoing matters.
Gem Oil Inc.
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