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Silver Elephant's Flying Nickel Spinout Announces Closing of its $8.6 Million Private Placement
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About this update from Silver Elephant Mining Corp
[{"type":"text","content":"Silver Elephant's Flying Nickel Spinout Announces Closing of its $8.6 Million Private PlacementNot for distribution to United States Newswire Services or for dissemination in the United StatesVANCOUVER, BC / ACCESSWIRE / November 30, 2021 / Silver Elephant Mining Corp. (\"Silver Elephant\", or the \"Company\") (TSX:ELEF)(OTCQX:SILEF)(Frankfurt:1P2N) is pleased to announce that, further to its news releases dated October 26, 2021 and November 19, 2021, Silver Elephant's wholly owned subsidiary Flying Nickel Mining Corp. (\"Flying Nickel\") has completed its previously announced private placement (the \"Flying Nickel Offering\") for gross proceeds of $8,600,000.Pursuant to the Flying Nickel Offering, Flying Nickel sold 10,094,033 subscription receipts comprised of non-flow through subscription receipts (each, a \"Non-FT Subscription Receipt\") at a price of $0.70 per Non-FT Subscription Receipt and 1,992,437 flow-through eligible subscription receipts (each, a \"FT Subscription Receipt\", and collectively with the Non-FT Subscription Receipts, the \"Offered Securities\") at a price of $0.77 per FT Subscription Receipt. Red Cloud Securities Inc. (\"Red Cloud\"), as lead agent and sole bookrunner, together with Canaccord Genuity Corp., acted as agents (the \"Agents\") under the Flying Nickel Offering.Details Regarding the Flying Nickel OfferingUpon the satisfaction of certain escrow release conditions (the \"Escrow Release Conditions\"), the Offered Securities shall be deemed to be exercised, without payment of any additional consideration and without further action on the part of the holder thereof, for the following:each Non-FT Subscription Receipt shall be automatically converted into one unit of Flying Nickel (each, a \"Unit\"); andeach FT Subscription Receipt shall be automatically converted into one common share of Flying Nickel to be issued as a \"flow-through share\" within the meaning of the Income Tax Act (Canada) (each, a \"FT Share\").Each Unit will consist of one common share of Flying Nickel (each a \"Unit Share\") and one-half of one common share purchase warrant (each whole warrant, a \"Warrant\"). Each whole Warrant shall entitle the holder to purchase one common share of Flying Nickel (each, a \"Warrant Share\") at a price of $1.00 at any time on or before November 29, 2023.The Escrow Release Conditions include, bu...