Silver Elephant Announces Conversion of Flying Nickel’s FT Subscription Receipts
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NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
FOR DISSEMINATION IN THE UNITED STATES
Silver Elephant Announces Conversion of
Flying Nickel’s FT Subscription Receipts
Vancouver, British Columbia, January 4 , 202 2 – Silver Elephant Mining Co rp. (“Silver
Elephant” or the “Company”) (TSX: ELEF, OTCQX:SILEF, Frankfurt:1P2N) is pleased to
provide the following update further to its news release dated November 30, 2021 with respect
to previously completed private placeme nt (the " Flying Nickel Offe ring") of flow-through
subscription receipts of Silver Elephant ’s wh olly owned Flying Nickel Mining Corp. ("Flying
Nickel").
Gross proceeds of $1,534,176 were released from escrow to Flying Nickel upon conve rting an
aggregate of 1,992,437 flow-through subscription receipts of Flying Nickel into 1,992,437 flow-
through common shares of Flying Nickel at a price of $0.77 per share (the “Conversion”),
pursuant to the subscription receipt agreement between Flying Nickel, Computershare T rust
Company of Canada and Red Cloud Securities Inc.
In addition, the Company further confirms that proceeds of $7,065,823 from the issuance of
10,094,033 non-flow-through subscription receipts of Flying Nickel remain subject to escrow and
will be release d to Flying Nickel upon sat isfaction of certain additional escrow release
conditions, including receipt of final approval of the Supreme Court of British Columbia (court
date scheduled for January 11, 2022), in connection with the Company’s previously announced
plan of arrangement.
In connection with the Conversion, an aggregate of 119,546 broker warrants were issued to the
agents for the Flying Nickel Offering. Each broker warrant entitles the holder to acqu ire one
common share of Flying Nickel at an exercise price of $0.70 per common share until November
29, 2023.
For further information regarding the plan of arrangement, shareholders should review the
Company’s prior news release and management information circular available at
www.sedar.com and at www.silverelef.com.
The Company also announces that f urther to its press release dated February 9, 2021 and
pursuant to the asset purchase agreement (the “APA”) dated January 21, 2021 between the
Company and Victory Nickel Inc. (“ VN”), the Company issued 4,607,180 common shares in the
capital of the Com pany (“ Shares”) at a deemed price per Share of $0.277914 to VN on
December 30, 2021 in satisfaction of the Company’s obligation to issue US$1,000,000 in
Shares to VN by no later than December 31, 2021.
The Company further confirms that purs uant to the APA, 10,081,502 Shares at a deemed price
per Share of $0.2503 were issued to VN on August 31, 2021, in satisfaction of the Company’s
obligation to issue US$2,000,000 in Shares by no later than August 31, 2021.
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There are no further payments to VN under the APA unless the price of nickel exceeds US$10
per pound for 30 consecutive business days before December 31, 2023, upon which Silver
Elephant will issue VN an additional $2,000,000 in Silver Elephant common shares.
About Silver Elephant
Silver Elephant Mining Corp. is a premier mining and exploration company in silver, nickel, and
vanadium.
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
[email protected] www.silverelef.com
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy
or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release, including statements whi ch may contain
words such a s “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 o f applicable s ecurities laws. Such forwar d-looking
statements, which reflect management’s expectations regarding Silver Elephant’s future growth,
results of operations, performance, business prospects and opportunities, are based on certain
factors and ass umptions and i nvolve known and unknown ri sks 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.
These factors should be considered carefully, and readers should not place undue reliance on
the Silver Elephant’s forward -looking statements. Silver Elephant believes that the expectations
reflected in the forward -looking statements contained in thi s news release and the documents
incorporated by reference herein are reasonable, but no assurance can be given that these
expectations will prove to be correct. In addition, although Silver Elephant has attempted to
identify important factors that could c ause actual ac tions, events or results to differ materially
from those described in forward looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or intended. Silver Elephant
undertakes no obligation to release publicly any future revisions to forward -looking statements
to reflect events or circumstances after the date of this news or to reflect the occurrence of
unanticipated events, except as expressly required by law.
None of the securiti es to be issue d pursuant to the Flying Ni ckel Offering have been or will be
registered under the United States Securities Act of 1933, as amended (the “ U.S. Securities
Act”), or any state securities laws, and any securities issuable in the transaction are anticipated
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to be issued in reliance upon available exemptions from such registration requirements pursuant
to Section 3(a)(10) of the U.S. Securities Act and applicable exemptions under state securities
laws. This press release does not constitute an offer to sell or t he solicitation of an offer to buy
any securities.