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Silver Elephant's Flying Nickel Spinout Has Upsized its Private Placement to $8.6 Million Including a $2.975 Million Lead Order From Strategic Investor
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About this update from Silver Elephant Mining Corp
[{"type":"text","content":"Silver Elephant’s Flying Nickel Spinout Has Upsized its Private Placement to $8.6 Million Including a $2.975 Million Lead Order From Strategic InvestorNot for distribution to United States Newswire Services or for dissemination in the United StatesVANCOUVER, BC / ACCESSWIRE / November 19, 2021 / Silver Elephant Mining Corp. (\"Silver Elephant\", or the \"Company\") (TSX:ELEF)(OTCQX:SILEF)(Frankfurt:1P2N) is pleased to announce that its wholly owned subsidiary, Flying Nickel Mining Corp. (\"Flying Nickel\") has increased the size of its private placement announced on October 26, 2021 (the \"Flying Nickel Offering\") from $7.0 million to a maximum of $8.6 million. Under the upsized Flying Nickel Offering, Flying Nickel will sell a combination of 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 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., are acting as agents (the \"Agents\") under the Offering.Blackstone Minerals Limited (\"Blackstone\"), an ASX-listed integrated battery metals processing company with operations in Vietnam, has agreed to make a $2,975,000 strategic investment in the Flying Nickel Offering by purchasing 4,250,000 Non-FT Subscription Receipts. Upon the closing of the Flying Nickel Offering and the satisfaction of certain escrow release conditions, Blackstone is estimated to own 6.85% of the outstanding common shares of Flying Nickel and 9.5% of Flying Nickel shares on a fully diluted basis.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...