Silver Elephant Mining Corp. (“Silver Elephant” or the “Company”) (TSX:ELEF)(OTCQX:SILEF)(Frankfurt:1P2N) announces that, further to its news release dated September 6, 2021, it has closed the first tranche (the “Closing”) of its previously announced private placement offering of 15,000,000 common shares of the Company (“Shares”) at a price per Share of $0.22 for aggregate gross proceeds of $3,300,000 (the “Offering”). Pursuant to the Closing, the Company issued an aggregate of 4,173,632 Shares for aggregate gross proceeds from the Closing of $918,199.
In connection with the Closing, the Company paid $46,872 in cash and issued 213,054 common share purchase warrants (“Finder’s Warrants”) to certain finders as finder’s fees. Each Finder’s Warrant is exercisable to acquire one common share of the Company at a price of $0.26 until September 22, 2022.
The securities issued in connection with the Closing are subject to a regulatory hold period expiring on January 23, 2022.
The Closing proceeds are expected to be used for the Company’s mineral project development and for general working capital purposes.
The Company expects to close the final tranche of the Offering on or before October 15, 2021.
The Company further announces that pursuant to the terms of the Company’s Share-Based Compensation Plan as approved at its Annual General Meeting of shareholders held on September 10, 2021, it has granted in aggregate, 6,500,000 incentive stock options (the “Options”), to certain directors, officers, employees and consultants of the Company. The Options are exercisable at a price of $0.26 per Common share for a term of five years expiring on September 22, 2026 and vest at 12.5% per quarter for the first two years following the date of grant.
About Silver Elephant
Silver Elephant Mining Corp. is a premier mining and exploration company in silver, nickel, and vanadium.
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