Business
Silver Elephant Receives Final Court Approval, Sets January 14 as Effective Date for Plan of Arrangement
VANCOUVER, BC / ACCESSWIRE / January 12, 2022 / Silver Elephant Mining Corp. ("Silver Elephan...
About this update from Silver Elephant Mining Corp
[{"type":"text","content":"Silver Elephant Receives Final Court Approval, Sets January 14 as Effective Date for Plan of ArrangementVANCOUVER, BC / ACCESSWIRE / January 12, 2022 / Silver Elephant Mining Corp. (\"Silver Elephant\" or the \"Company\") (TSX:ELEF)(OTCQX:SILEF)(Frankfurt:1P2N) announces that it has received final approval of the British Columbia Supreme Court (the \"Court\") for its previously announced plan of arrangement (the \"Arrangement\"). Receipt of Court approval follows the near-unanimous approval of the Arrangement by the Company's shareholders at the special meeting held on December 22, 2021 (the \"Meeting\"). The effective date of the Arrangement is January 14, 2022 (the \"Effective Date\").Pursuant to the Arrangement, the common shares of the Company will be consolidated on a 10:1 basis (the \"Consolidation\") and each holder of common shares of the Company will receive in exchange for every 10 pre-Consolidation common shares held: (i) one post-Consolidation common share of the Company; (ii) one common share of Flying Nickel Mining Corp. (\"Flying Nickel\"); (iii) one common share of Nevada Vanadium Mining Corp. (\"Nevada Vanadium\"); and (iv) two common shares of Battery Metals Royalties Corp. (\"Battery Metals\").Post-Arrangement, each company will commence its corresponding core business with the following:Silver Elephant, holding a 100% interest in the Pulacayo silver and El Triunfo gold-silver projects in Bolivia, and minority equity interest in Battery Metals as a long-term investment;Nevada Vanadium, a new Canadian reporting issuer, holding a 100% interest in the Gibellini vanadium project in Nevada;Flying Nickel, a new Canadian reporting issuer, holding a 100% interest in the Minago nickel project in the Thompson nickel belt in Manitoba; andBattery Metals, a new Canadian reporting issuer, holding a 2% royalty in each of the assets referenced above, and minority equity interests in Flying Nickel and Nevada Vanadium as long-term investments.In order to receive post-Consolidation common shares of the Company and common shares of each of Flying Nickel, Nevada Vanadium and Battery Royalties, registered shareholders should complete the letter of transmittal (which can be completed post-Effective Date) prepared in connection with the Arrangement, copies of which are available at www.sedar.com, www.silverelef.com or by contacting t...