Silver Elephant Announces Warrant Amendments
Silver Elephant Announces Warrant Amendments
Vancouver, British Columbia, April 8, 2025 — Silver Elephant Mining Corp. (“Silver
Elephant” or the “Company”) (TSX: ELEF, OTCQB: SILEF, Frankfurt: 1P2) announces that it
is amending the exercise price of 11,676,258 common share purchase warrants (the “Warrants”)
to $0.30 as set out below (the “Warrant Amendments” ). The Warrant Amendments, other than
those warrants held by insiders of the Company as set out below will take effect on April 22, 2025.
The Warrant Amendments for the Warrants held by ins iders will only become effective upon
shareholder approval as described below.
The following table sets out the details of the Warrant Amendments:
Issue Date Number of
Warrants
Outstanding
Original
Exercise
Price
(CAD)
Amended
Exercise
Price
(CAD)
Insider
Ownership
(Number of
Warrants)
Expiry Date
May 1, 2020 463,800 $1.60 $0.30 N/A May 1, 2025
May 20, 2020 496,200 $1.60 $0.30 N/A May 20, 2025
August 25, 2022 325,400 $0.65 $0.30 125,000 1 August 25, 2025
December 5, 2022 3,152,266 $0.55 $0.30 1,500,000 2 December 2, 2025
December 9, 2022 30,000 $0.55 $0.30 N/A December 9, 2025
March 22, 2023 1,500,000 $0.55 $0.30 N/A March 22, 2026
March 31, 2023 1,162,761 $0.55 $0.30 311,111 3 March 31, 2026
August 17, 2023 319,999 $0.45 $0.30 90,000 4 August 17, 2026
April 29, 2024 456,900 $0.45 $0.30 125,000 5 April 29, 2027
May 24, 2024 125,000 $0.45 $0.30 N/A May 24, 2027
July 23, 2024 2,475,778 $0.70 $0.30 N/A July 23, 20 27
August 13, 2024 163,254 $0.70 $0.30 75,754 6 August 13, 2027
October 17, 2024 409,900 $0.55 $0.30 N/A October 17 , 2027
November 4, 2024 595,000 $0.55 $0.30 500,000 7 November 4, 2027
TOTAL 11,676,258 N/A $0.30 2,726,865
Notes:
1. 125,000 Warrants held by John Lee, Chief Executi ve Officer.
2. 1,000,000 Warrants held by John Lee, Chief Execu tive Officer and 500,000 Warrants held by Ron
Motz, 10% shareholder.
3. 291,111 Warrants held by John Lee, Chief Executi ve Officer and 20,000 Warrants held by Douglas
Flett, Director.
4. 90,000 Warrants held by John Lee, Chief Executiv e Officer.
5. 40,000 Warrants held by Douglas Flett, Director and 85,000 Warrants held by Greg Hall, Director.
6. 75,754 Warrants held by John Lee, Chief Executiv e Officer.
7. 500,000 Warrants held by John Lee, Chief Executi ve Officer.
Insiders hold 2,726,865 of the Warrants (the “Insid er Warrants”) and the Warrant Amendments
for the Insider Warrants are subject to disinterest ed shareholder approval. The Company
anticipates obtaining shareholder approval at its next Annual General Meeting.
Insiders are “related parties” of the Company and t herefore the Warrant Amendments affecting
the Insider Warrants constitute a “related party tr ansaction” as contemplated by Multilateral
Instrument 61-101 Protection of Minority Shareholders in Special Transactions (“MI 61-101). The
Company relies on the exemption from the formal valuation requirements provided under section
5.5(a) of MI 61-101 as the fair value of the Inside r Warrants does not exceed 25% of the market
capitalization of the Company.
The amended warrant exercise price of $0.30 represe nts a 19.52% premium to the $0.217 five
day volume weighted average price of Silver Elephant’s common shares.
The Warrant Amendments remain subject to Toronto Stock Exchange (“TSX”) approval.
The TSX has also advised that warrants held by Mr. Motz, an Insider as set out above, will be
subject to a limitation on the exercise whereby he may not exercise any warrants if such exercise
would result in Mr. Motz owning 20% or more of the voting rights attached to the Company’s
securities at the time of exercise, including any securities held by parties acting in combination or
in concert with Mr. Motz (the “Warrant Exercise Limitation”). The Warrant Exercise Limitation will
also apply to 400,000 warrants issued to Mr. Motz o n January 15, 2025 which have an exercise
price of $0.30 and expire on January 27, 2028. The Company anticipates seeking disinterested
shareholder approval at its next Annual General Mee ting to remove the Warrant Exercise
Limitation.
About Silver Elephant Mining Corp.
Silver Elephant is a mineral exploration company with gold and silver projects 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”
CEO and Executive Chairman
For more information about Silver Elephant, please contact Investor Relations:
Phone: +1.604.569.3661 ext. 101
www.silverelef.com
FORWARD-LOOKING INFORMATION
This news release contains “forward-looking informa tion” and “forward-looking statements”
(collectively, “forward-looking information”) withi n the meaning of applicable securities laws.
Forward-looking information is generally identifiable by use of the words “believes,” “may,” “plans,”
“will,” “anticipates,” “intends,” “could”, “estimat es”, “expects”, “forecasts”, “projects” and similar
expressions, and the negative of such expressions. Such forward-looking information, which
reflects management’s expectations regarding Silver Elephant’s future growth, results of
operations, performance, business prospects and opportunities, is based on certain factors and
assumptions and involves known and unknown risks an d 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 information.
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; ab ility 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 information is 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 information included herein. Reader s 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 information 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.