Silver Elephant Closes 1st Tranche of Private Placement for Gross Proceeds of $285,000
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Silver Elephant Closes 1st Tranche of Private Placement
for Gross Proceeds of $285,000
Vancouver, British Columbia, April 29, 2024 — Silver Elephant Mining Corp. (“Silver
Elephant” or the “Company”) (TSX: ELEF, OTC:SILEF, Frankfurt:1P2N) is pleased to
announce that, further to its news release dated April 8, 2024, it has closed the first tranche of its
non-brokered private placement offering (the “ Private Placement ”) raising gross proceeds of
$285,000 through the sale of 950,000 units (the “ Units ”) at a price of $0.30 per Unit.
Each Unit consists of one common share of the Compa ny and one-half of one share purchase
warrant with each whole warrant (the “ Warrant ”) entitling the holder to purchase one additional
common share of the Company at a price of $0.45 per share for a period of three years from
issuance.
Proceeds of the Placement will be used for working capital and general corporate purposes.
In connection with a portion of the closing of the first tranche, 33,600 Units were issued as finder’s
fees to Canaccord Genuity Corp. (as to 17,500 Units ) and EDE Asset Management Inc. (as to
16,100 Units).
The securities issued as part of the Private Placement are subject to a regulatory hold period and
cannot be traded until August 30, 2024.
Certain directors subscribed for, in the aggregate, 250,000 Units for gross proceeds of $75,000.
The issuance of Units to Insiders pursuant to the P rivate Placement is considered a related party
transaction within the meaning of Multilateral Inst rument 61-101 – Protection of Minority Security
Holders in Special Transactions (“MI 61-101”). The Company is relying on exemptions from the
formal valuation and minority shareholder approval requirements provided under sections 5.5(a)
and 5.7(a) of MI 61-101 on the basis that participation in the Private Placement by Insiders will not
exceed 25% of the fair market value of the Company’s market capitalization. The Company will file
a material change report in respect of the related party transactions in connection with the
Placement.
This news release does not constitute an offer to s ell or a solicitation of an offer to buy any of the
securities in the United States. The securities hav e not been and will not be registered under the
United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities
laws and may not be offered or sold within the Unit ed States unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption from such registration is
available.
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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
[email protected] 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 his torical facts, are forward-looking information
within the meaning of applicable securities laws. S uch forward-looking statements, which reflect
management’s expectations regarding the Company's f uture growth, results of operations,
performance, business prospects and opportunities, are based on certain factors and assumptions
and involve known and unknown risks and uncertainti es which may cause the actual results,
performance, or achievements to be materially diffe rent from future results, performance, or
achievements expressed or implied by such forward-l ooking statements. Forward-looking
information in this news release includes the expec ted gross proceeds of the Private Placement,
and use of proceeds raised from the Private Placement.
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.