SILVER ELEPHANT MNG CORP - SILEF STOCK NEWS

Silver Elephant Mining Corp. has announced that the trading of its common shares will begin on a post-Arrangement and post-Consolidation basis on January 18, 2022, following its confirmed Effective Date of January 14, 2022. Shareholders will exchange 10 pre-Consolidation shares for one post-Consolidation share and shares in Flying Nickel Mining Corp., Nevada Vanadium Mining Corp., and Battery Metals Royalties Corp. For detailed information, refer to the management information circular available at www.sedar.com.

Silver Elephant Mining Corp. has received final approval from the British Columbia Supreme Court for its plan of arrangement, following nearly unanimous shareholder approval on December 22, 2021. The arrangement will consolidate common shares on a 10:1 basis effective January 14, 2022. Shareholders will receive common shares in three new entities: Flying Nickel Mining Corp., Nevada Vanadium Mining Corp., and Battery Metals Royalties Corp. Trading in post-consolidation shares is expected to start January 18, 2022, pending TSX bulletin issuance.

Silver Elephant Mining Corp. (TSX: ELEF, OTCQX: SILEF) announced the release of $1.5 million from escrow following the conversion of 1,992,437 flow-through subscription receipts into common shares at $0.77 each. An additional $7.1 million remains in escrow pending court approval. The company issued 4.6 million shares to Victory Nickel Inc. as part of an asset purchase agreement. Notably, no further payments are required unless nickel prices exceed $10 per pound for 30 consecutive days before the end of 2023.

Silver Elephant Mining Corp. announced the approval of all resolutions at its special general meeting held on December 22, 2021. Key voting results included:

• Approval of a special resolution for an arrangement under British Columbia's Business Corporations Act.
• Approval of incentive plans for SpinCo 1, SpinCo 2, and SpinCo 3 with high voter support of 97.53%, 98.43%, and 97.51%, respectively.
• Approval of a resolution for SpinCo 1 Financing with 82.78% in favor.

A final order from the Supreme Court of British Columbia is expected on January 11, 2022, with a subsequent share consolidation.

Silver Elephant Mining Corp. provides an update on its private placement for Flying Nickel Mining Corp., which closed on November 29, 2021, raising $8.6 million. The funds are currently in escrow pending approval from the Toronto Stock Exchange that requires a resolution from disinterested shareholders at a special meeting on December 22, 2021. Notably, interested shareholders, who hold approximately 2.1% of outstanding shares, will be excluded from voting on this resolution. The Company also appointed Flora Lo as corporate secretary.

Silver Elephant Mining Corp. has announced key management appointments for its spinout, Flying Nickel Mining Corp., which is well-funded following an $8.6 million equity offering. CEO Danniel Oosterman will lead the team to advance the Minago project, boasting substantial nickel resources. The new leadership includes seasoned professionals with extensive mining experience, aimed at strengthening operations in the Canadian nickel sector. The project is located in Manitoba’s Thompson Nickel Belt, housing significant nickel deposits and receiving over $40 million in investment since the early 2000s.

Silver Elephant Mining Corp. has successfully completed a private placement through its subsidiary, Flying Nickel Mining Corp., raising $8.6 million. The offering included over 10 million non-flow through subscription receipts priced at $0.70 each and nearly 2 million flow-through eligible receipts at $0.77. Proceeds will support the Minago Nickel Project and general working capital. Key conditions include shareholder approval for a plan of arrangement scheduled for December 22, 2021.

Silver Elephant Mining Corp. announced an upsized private placement for its subsidiary, Flying Nickel Mining Corp., increasing the offering from $7 million to $8.6 million. The offering will consist of Non-FT Subscription Receipts priced at $0.70 and FT Subscription Receipts priced at $0.77. Blackstone Minerals Limited is set to invest $2.975 million, acquiring 4.25 million Non-FT Subscription Receipts, which will give it a projected 6.85% stake in Flying Nickel upon completion. The proceeds will be allocated towards the Minago Nickel Project and general working capital.

Silver Elephant Mining Corp. (TSX:ELEF, OTCQX:SILEF) has successfully closed the final tranche of its private placement, raising a total of $3,740,000 by issuing 17,000,000 shares at $0.22 each. The third tranche alone contributed $1,796,000 from 8,163,640 shares. Proceeds will support mineral project development and working capital. The shares are under a regulatory hold until March 13, 2022. This follows previous announcements regarding the upsized offering.