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Silver Elephant Closes 1st Tranche of Private Placement Raising Gross Proceeds of $1,111,584
Vancouver, British Columbia--(Newsfile Corp. - July 25, 2024) - Silver Elephant Mining Corp.
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About this update from Silver Elephant Mining Corp
[{"type":"text","content":"\nSilver Elephant Closes 1st Tranche of Private Placement Raising Gross Proceeds of $1,111,584Vancouver, British Columbia--(Newsfile Corp. - July 25, 2024) - Silver Elephant Mining Corp. (TSX: ELEF) (OTC Pink: SILEF) (FSE: 1P2) (\"Silver Elephant\" or the \"Company\") announces that, further to its news release dated July 11, 2024, it has closed the first tranche of its non-brokered private placement offering (the \"Private Placement\") raising gross proceeds of $1,111,584 through the issuance of 2,315,800 units (the \"Units\") at a price of $0.48 per Unit. Each Unit consists of one common share of the Company and one share purchase warrant with each warrant (the \"Warrant\") entitling the holder to purchase one additional common share of the Company at a price of $0.70 per share for a period of three years from issuance.In connection with a portion of the closing of the first tranche, 159,978 Units were issued as a finder’s fee to Canaccord Genuity Corp. (as to 131,978 Units) and Glores Securities Inc. (as to 28,000 Units).Proceeds of the Private Placement are expected to be used to commission phase one sulphide operations at the Company's Paca silver project in Potosi department in Bolivia (refer to the Company's news release dated July 8, 2024), and for general corporate purposes.The securities issued in connection with the Private Placement is subject to a regulatory hold period and cannot be traded until November 24, 2024. Subsequent to the Company's announcement on July 11, 2024, the Company increased its proposed Private Placement from 2,000,000 Units to 3,000,000 Units.This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have 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 United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.About Silver Elephant Mining Corp.Silver Elephant is a silver mining company, with its flagship Pulacayo-Paca silver project in production since October 2023 in Bolivia.Further information on Silver Elephant can be found at www.silverelef.com.SILVER E...