SEC Form 4 · accession 0001144204-16-090139
Searchlight Minerals Corp. · SRCH
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Martin B Oring
Officer — CEO and President · Director
Period of report
Mar 18, 2016
Accepted (ET)
Mar 24, 2016 · 4:40 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001084226
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1,F2 | Mar 18, 2016 | P$0 | 6,291,314 | — | A | 6,679,749 | I | By Martin Oring Financial Trust |
| Common StockF3,F4 | Mar 18, 2016 | P$0 | 1,700,371 | — | A | 1,722,921 | I | By Wealth Preservation Defined Benefit Plan |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1The reported securities were issued pursuant to the conversion of all the principal and accrued but unpaid interest owing by Searchlight Minerals Corp. (the "Company") to the Martin Oring Financial Trust pursuant to its Secured Convertible Promissory Notes dated September 18, 2013, in the amount $220,196.00 as of March 18, 2016. Such debt was converted at a conversion price of $0.035 per share.
- F2Mrs. Olivia Oring is one of the trustees of the Martin Oring Financial Trust Dated December 20, 2006 ("Financial Trust"), which was created for the benefit of Mr. Oring's children and grandchildren. Mr. Oring has no voting or investment power, direct or indirect, over the Financial Trust.
- F3The reported securities were issued pursuant to the conversion of all the principal and accrued but unpaid interest owing by Searchlight Minerals Corp. (the "Company") to the Wealth Preservation Defined Benefit Plan pursuant to its Secured Convertible Promissory Notes dated September 18, 2013, in the amount $59,513.00 as of March 18, 2016. Such debt was converted at a conversion price of $0.035 per share.
- F4These shares are held by Wealth Preservation, Defined Benefit Plan, of which Mr. Martin Oring and Mrs. Olivia Oring are sole beneficiaries and trustees, and in such capacity are deemed to hold voting and dispositive power over the securities held by the Wealth Preservation Defined Benefit Plan. Mrs. Olivia Oring is Mr. Oring's wife.