Silver Elephant Closes 2nd and Final Tranche of Private Placement for Gross Proceeds of $75,000
On May 27, 2024, Silver Elephant Mining announced the closure of the second and final tranche of its non-brokered private placement, raising $75,000 through the sale of 250,000 units at $0.30 per unit. Each unit includes one common share and half of a share purchase warrant, with each whole warrant allowing the purchase of an additional share at $0.45 for three years. Proceeds will be used for working capital and corporate purposes. These securities are subject to a hold period until September 24, 2024, and are not registered for sale in the U.S. under the U.S. Securities Act.
- Raised $75,000 in gross proceeds in the final tranche of the private placement.
- No finders fees were paid, which retains more capital for the company.
- Each unit includes a warrant allowing purchase of an additional share at $0.45, potentially beneficial if the stock price rises.
- Funds will be used for working capital and general corporate purposes, indicating strategic allocation.
- The raised amount of $75,000 may be considered relatively small, potentially insufficient for major projects.
- Securities issued are subject to a regulatory hold period until September 24, 2024, limiting liquidity for investors.
- The offering was not registered under the U.S. Securities Act, restricting its marketability in the U.S.
Vancouver, British Columbia--(Newsfile Corp. - May 27, 2024) - Silver Elephant Mining Corp. (TSX: ELEF) (OTC Pink: SILEF) (FSE: 1P2N) ("Silver Elephant" or the "Company") is pleased to announce that, further to its news release dated April 8, 2024, and April 29, 2024, it has closed the second tranche of its non-brokered private placement offering (the "Private Placement") raising gross proceeds of
Each Unit consists of one common share of the Company and one-half of one share purchase warrant with each whole warrant (the "Warrant") entitling the holder to purchase one additional common share of the Company at a price of
Proceeds of the Placement will be used for working capital and general corporate purposes.
The securities issued as part of the Private Placement is subject to a regulatory hold period and cannot be traded until September 24, 2024.
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 and exploration company, with its flagship Pulacayo silver project in Bolivia.
Further information on Silver Elephant can be found at www.silverelef.com.
SILVER ELEPHANT MINING CORP.
ON BEHALF OF THE BOARD
"John Lee"
Executive Chairman
For more information about Silver Elephant, please contact Investor Relations:
+1.604.569.3661 ext. 101
info@silverelef.com www.silverelef.com
FORWARD-LOOKING INFORMATION
Certain statements contained in this news release, including statements which may contain words such as "expects", "anticipates", "intends", "plans", "believes", "estimates", or similar expressions, and statements related to matters which are not historical facts, are forward-looking information within the meaning of applicable securities laws. Such forward-looking statements, which reflect management's expectations regarding the Company's future growth, results of operations, performance, business prospects and opportunities, are based on certain factors and assumptions and involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements. Forward-looking information in this news release includes the expected gross proceeds of the Private Placement, and use of proceeds raised from the Private Placement.
Forward-looking statements are based on reasonable assumptions by management as of the date of this news release, and there can be no assurance that actual results will be consistent with any forward-looking statements included herein. Readers are cautioned that all forward looking statements in this news release are made as of the date of this news release. The Company undertakes no obligation to update or revise any forward-looking statements in this news release to reflect circumstances or events that occur after the date of this news release, except as required by applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/210719
FAQ
What was the amount raised in Silver Elephant's final tranche of private placement on May 27, 2024?
What is included in each unit sold during Silver Elephant's private placement?
What is the exercise price of the warrants issued in Silver Elephant's private placement?
How long are the warrants issued by Silver Elephant valid?
When can the securities issued in Silver Elephant's private placement be traded?
For what purposes will Silver Elephant use the proceeds from its private placement?
Is the private placement registered under the U.S. Securities Act?
