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 second 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 4,662,727 Shares for aggregate gross proceeds from the Closing of $1,025,800.
Subsequent to its news release dated September 6, 2021, the Company filed for, and received conditional approval to, increase the fully subscribed Offering from 15,000,000 common shares to 17,000,000 common shares for gross proceeds of $3,740,000.
In connection with the Closing, the Company paid $31,020 in cash and issued 141,000 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 October 21, 2022.
The securities issued in connection with the Closing are subject to a regulatory hold period expiring on February 22, 2022.
The Closing proceeds are expected to be used for the Company’s mineral project development and for general working capital purposes.
About Silver Elephant
Silver Elephant Mining Corp. is a premier mining and exploration company in silver, nickel, and vanadium.
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