Early Warning Press Release Regarding Investment in Searchlight Resources Inc.

Regina, Saskatchewan--(Newsfile Corp. - August 9, 2019) - Gem Oil Inc. today announced that it has acquired, directly and indirectly, an aggregate of 500,000 common shares of Searchlight Resources Inc. (TSXV: SRCH) ("SCLT" or the "Company")

The 500,000 common shares were acquired by Gem Oil Inc. by way of a series of open-market purchases made on the TSX August 7, 2019, under which Gem Oil Inc. paid an aggregate of $16,695.00, representing an average price of $0.03339 per share. Collectively, the shares acquired by Gem Oil Inc. represent approximately 2.00538% of the issued and outstanding shares of the company.

Gem Oil Inc. now owns or has control or direction over an aggregate of 5,500,000 common shares of the company, representing approximately 22.0592% 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.

"Shaun Spelliscy"
Shaun Spelliscy

Gem Oil Inc.
Box 1111
Regina, Saskatchewan
S4P 3B2

(306) 541-5678

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/46831