Silver Elephant Mining announced a non-brokered private placement to raise $960,000 through the sale of 2,000,000 units at $0.48 per unit. Each unit includes one common share and one warrant to purchase an additional share at $0.70 within three years. Funds will support commissioning of the Paca phase one sulphide operation and general corporate uses. Directors are subscribing for 400,000 units, amounting to $192,000. This transaction is a related party transaction under MI 61-101, but exemptions apply. Toronto Stock Exchange approval is pending.
Positive
- $960,000 raised through private placement.
- Each unit includes a warrant to purchase additional shares at $0.70, potentially boosting future capital.
Negative
- Regulatory hold period of four months plus one day on securities issued.
- Transaction classified as a related party, requiring material change report filings.
Vancouver, British Columbia–(Newsfile Corp. – July 11, 2024) – Silver Elephant Mining Corp. (TSX: ELEF) (OTC Pink: SILEF) (FSE:1P2) (“Silver Elephant” or the “Company”) announces that it proposes to undertake a non-brokered private placement (the “Private Placement”) to raise gross proceeds of
The securities issued as part of the Private Placement will be subject to a regulatory hold period of four months plus one day from the date of issue.
Proceeds of the Private Placement are expected to be used to commission Paca phase one sulphide operation (refer to Company’s news release dated July 8), and for general corporate purposes.
Directors of the Company, will be subscribing for, in the aggregate, up to 400,000 Units for gross proceeds of up to
The Private Placement is subject to approval by the Toronto Stock Exchange (“TSX”).
About Silver Elephant Mining Corp.
Silver Elephant is a silver mining and exploration company, with its flagship Pulacayo silver project in Bolivia.
Further information on Silver Elephant can be found at www.silverelef.com.
SILVER ELEPHANT MINING CORP.
ON BEHALF OF THE BOARD
“John Lee”
Executive Chairman
For more information about Silver Elephant, please contact Investor Relations:
+1.604.569.3661 ext. 101
info@silverelef.com www.silverelef.com
FORWARD-LOOKING INFORMATION
Certain statements contained in this news release, including statements which may contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, or similar expressions, and statements related to matters which are not historical facts, are forward-looking information within the meaning of applicable securities laws. Such forward-looking statements, which reflect management’s expectations regarding the Company’s future growth, results of operations, performance, business prospects and opportunities, are based on certain factors and assumptions and involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements. Forward-looking information in this news release include the expected gross proceeds of the Private Placement, use of proceeds raised from the Private Placement, and the participation and by certain insiders who are directors of the Company in the Private Placement and the amount of such participation.
Forward-looking statements involve significant risks and uncertainties, and should not be read as guarantees of future performance, events or results, and may not be indicative of whether such events or results will actually be achieved. A number of risks and other factors could cause actual results to differ materially from expected results discussed in the forward-looking statements, including but not limited to: market conditions; ability to complete the financing; changes in business plans; ability to secure sufficient financing to advance the Company’s mining projects; and general economic conditions. Additional risk factors about the Company are set out in its latest annual and interim management’s discussion and analysis and annual information form available under the Company’s profile on SEDAR at www.sedarplus.ca.
Forward-looking statements are based on reasonable assumptions by management as of the date of this news release, and there can be no assurance that actual results will be consistent with any forward-looking statements included herein. Readers are cautioned that all forward looking statements in this news release are made as of the date of this news release. The Company undertakes no obligation to update or revise any forward-looking statements in this news release to reflect circumstances or events that occur after the date of this news release, except as required by applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/216183
FAQ
What is the value of the private placement announced by Silver Elephant on July 11, 2024?
Silver Elephant announced a non-brokered private placement to raise $960,000.
How many units will Silver Elephant issue in the private placement?
Silver Elephant will issue 2,000,000 units.
What is the price per unit for Silver Elephant’s private placement?
Each unit is priced at $0.48.
What does each unit in Silver Elephant’s private placement include?
Each unit includes one common share and one warrant to purchase an additional share at $0.70.
When will the warrants in Silver Elephant’s private placement expire?
The warrants are valid for three years from issuance.
What will the funds from Silver Elephant’s private placement be used for?
Funds will be used to commission the Paca phase one sulphide operation and for general corporate purposes.
How many units are the directors of Silver Elephant subscribing to?
Directors are subscribing to 400,000 units.
What is the amount directors are investing in Silver Elephant’s private placement?
Directors are investing $192,000.
What regulatory requirements does Silver Elephant’s private placement transaction fall under?
The transaction is considered a related party transaction under MI 61-101.
Does Silver Elephant’s private placement require approval?
Yes, it is subject to approval by the Toronto Stock Exchange.