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Silver Elephant Announces Private Placement Offering of Up To 2,500,000 Units for Gross Proceeds of Up To $750,000
Vancouver, British Columbia--(Newsfile Corp. - June 23, 2023) - Silver Elephant Mining Corp. (...
About this update from Silver Elephant Mining Corp
[{"type":"text","content":"Silver Elephant Announces Private Placement Offering of Up To 2,500,000 Units for Gross Proceeds of Up To $750,000Vancouver, British Columbia--(Newsfile Corp. - June 23, 2023) - Silver Elephant Mining Corp. (TSX: ELEF) (OTCQX: SILEF) (FSE: 1P2N) (\"Silver Elephant\" or \"the Company\") announces that it proposes to undertake a non-brokered private placement (the \"Placement\") of up to 2.5 million Units of the Company (the \"Units\") at a price of $0.30 per Unit to raise aggregate gross proceeds of up to $750,000. Each Unit will consist of one common share of the Company and one half of one common share purchase warrant with each whole warrant entitling the holder to purchase one additional share of the Company at a price of $0.45 per share for 2 years.The securities issued as part of the Placement will be subject to a hold period of four months plus one day from the date of issue.Closing of the Placement is expected to occur on or about July 20, 2023.John Lee, Executive Chairman, will be subscribing for up to 300,000 Units for gross proceeds of up to $90,000. The issuance of Units to insiders pursuant to the Placement 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 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. The Placement is subject to approval by the Toronto Stock Exchange (\"TSX\").A Finder's Fees of 7% in Finder's Units or cash will be payable in connection with the Placement in accordance with the policies of the TSX. Each Finder's Unit will consist of one common share of the Company and one half of one common share purchase warrant with each whole warrant entitling the holder to purchase one additional share of the Company at a price of $0.45 per share for 2 years.Proceeds of the Placement are expected to be used for Pulacayo exploration, Ulaan Ovoo restart, working capital and general corporate purposes.This ...