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CORRECTION FROM SOURCE: Silver Elephant Closes Private Placement for Gross Proceeds of $1,384,499 and Announces Change of Directors
Vancouver, British Columbia--(Newsfile Corp. - December 7, 2022) - Silver Elephant Mining Corp. ...
About this update from Silver Elephant Mining Corp
[{"type":"text","content":"CORRECTION FROM SOURCE: Silver Elephant Closes Private Placement for Gross Proceeds of $1,384,499 and Announces Change of DirectorsVancouver, British Columbia--(Newsfile Corp. - December 7, 2022) - Silver Elephant Mining Corp. (TSX: ELEF) (OTCQX: SILEF) (FSE: 1P2) (\"Silver Elephant\" or the \"Company\") announces that, further to its news releases dated November 21, 2022 and November 29, 2022, it has closed its initial tranches (the \"Closing\") of its previously announced private placement offering (the \"Offering\"). Pursuant to the Closing, the Company issued an aggregate of 3,076,666 Units for aggregate gross proceeds of $1,384,499. Each Unit consists of one common share of the Company and one share purchase warrant with each warrant entitling the holder to purchase one additional share of the Company at a price of $0.55 per share for 36 months from Closing (the \"Units\").In connection with the Closing, the Company issued 75,600 Units and paid $4,619.97 in cash as Finders' Fees.John Lee, Executive Chairman subscribed for 1,000,000 Units for gross proceeds of $450,000. The issuance of Units to insiders pursuant to the Offering will be considered related party transactions within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company relies 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 Offering 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 Offering.The securities issued as part of the Offering will be subject to a 4-month hold period.Proceeds of the Offering are expected to be used for exploration, working capital and general corporate purposes.The Company also announces that effective December 7, 2022, Nigel Lees has been appointed to the Board of Directors. In addition, Marc Leduc has resigned from the Board of Directors. The Board would like to thank Mr. Leduc for his dedicated services. Mr. Lees has over thirty years of experience in merchant and investment banking in the U.K. and Canada. His career in Canada commenced with RBC Dominion Secu...