Silver Elephant Closes First Tranche of Private Placement for Gross Proceeds of $918,199
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NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
FOR DISSEMINATION IN THE UNITED STATES
Silver Elephant Closes First Tranche of Private
Placement for Gross Proceeds of $918,199
Vancouver, British Columbia, September 23, 2021 – 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 a nnounced 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 C losing, 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 t he 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, 20 21, it has granted in aggregate, 6,500,000 incentive stock options
(the “Options“), to certain directors, officers, employees and consultant s 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.
Further information on Silver Elephant can be found at www.silverelef.com.
SILVER ELEPHANT MINING CORP.
ON BEHALF OF THE BOARD
“John Lee”
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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 responsibilit y for the adequacy
or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release, including statements which may contain
words such as “expects”, “anticipates”, “intends”, “plans”, “beli eves”, “estimates”, or simi lar
expressions, and statements related to matters which are not historical facts, are forward -
looking information within the meaning of applicable securities laws. Such forward -looking
statements, which reflect management’s expectations regarding Silver Elephant’s future growth,
results of operations, performance, bu siness prospects and opportunities, are based on certain
factors and assumptions and involve known and unknown risks and uncertainties which may
cause the actual res ults, performance, or achievements to be materially different from future
results, performa nce, or achievements expressed or implied by such forward -looking
statements.
These factors should be considered carefully, and readers should not place undue relian ce on
the Silver Elephant’s forward-looking statements. Silver Elephant believes that the expectations
reflected in the forward -looking statements contained in this news release and the documents
incorporated by reference herein are reasonable, but no ass urance can be given that th ese
expectations will prove to be correct. In addition, althoug h Silver Elephant has attempted to
identify important factors that could cause actual actions, 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 t o be as anticipated, estimated or intended. Silver Elephant
undertakes no obligation to release publicly any future revisions to forward -looking statements
to refle ct events or circum stances after the date of this news or to reflect the occurrence of
unanticipated events, except as expressly required by law.
None of the securities to be issued pursuant to the 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 securiti es issuable in the transaction are anticipated to be issued
in reliance upon available exemptions from such registration requirements pursu ant to Section
3(a)(10) of the U.S. Securities Act and applicable exemptions under state se curities laws. This
press release does not constitute an offer to sell or the solicitation of an offer to buy any
securities.