Silver Elephant Mining Corp. Files Early Warning Report in Respect of Victory Nickel Inc.

Rhea-AI Summary

Silver Elephant Mining Corp. has filed an early warning report following the disposition of 8,061,000 common shares of Victory Nickel Inc. between July 14 and July 19, 2021, at an average price of $0.0168, totaling approximately $135,435. After this sale, Silver Elephant holds 17,222,000 shares, equating to 12.46% of Victory Nickel's issued shares. The shares were acquired for investment purposes, with intentions to adjust holdings as deemed appropriate. Both companies have a voting trust agreement regarding these shares.

Positive

• Silver Elephant maintains significant ownership of 12.46% of Victory Nickel, indicating a strong investment position.

Negative

• The sale of shares represents a reduction of ownership from 18.3% to 12.46%, potentially signaling a lack of confidence in Victory Nickel's performance.

VANCOUVER, BC and TORONTO, ON / ACCESSWIRE / July 19, 2021 / Silver Elephant Mining Corp. ("ELEF") today has filed an early warning report under National Instrument 62-103 - The Early Warning System And Related Take-Over Bid And Insider Reporting Issues in connection with its dispositions (the "Dispositions") of 8,061,000 common shares ("Shares") of Victory Nickel Inc. ("VN").

Between July 14 and July 19, 2021, ELEF disposed of 8,061,000 through the facilities of the Canadian Securities Exchange at an average price of $0.0168 for a total consideration of approximately $135,435.00. Prior to the Dispositions, ELEF held 25,283,000 Shares which represented approximately 18.3% of the issued and outstanding Shares of VN on a non-diluted basis. Immediately after the Dispositions, ELEF holds 17,222,000 Shares which represents 12.46% of VN's issued and outstanding Shares on a non-diluted basis. All Shares are held directly by ELEF and no joint actor of ELEF holds any securities of VN.

ELEF acquired Shares for investment purposes. ELEF intends to evaluate its investment in VN and to increase or decrease its shareholdings from time to time as it may deem appropriate.

ELEF and VN have entered into a voting trust agreement in respect of the Shares acquired by ELEF whereby ELEF has agreed it shall either vote the Shares held by ELEF in accordance with the direction of VN or shall abstain from voting such Shares. An early warningreport has been filed by ELEF in accordance with applicable securities laws and will be available on SEDAR under the VN's profile at www.sedar.com or may be obtained directly from ELEF upon request at the telephone number below. The head office of VN is located at 9 Crestwood Drive, Toronto, Ontario M1E 1E6 and the Shares are traded on the Canadian Securities Exchange. The head office of ELEF is located at Suite 1610 - 409 Granville Street, Vancouver, British Columbia V6C 1T2. There are no joint actors in connection with the Acquisition.

Contact Information:
John Lee, Chief Executive Officer, Silver Elephant Mining Corp.
604 569-3661
ir@silverelef.com

SOURCE: Silver Elephant Mining Corp.

View source version on accesswire.com:
https://www.accesswire.com/656203/Silver-Elephant-Mining-Corp-Files-Early-Warning-Report-in-Respect-of-Victory-Nickel-Inc

FAQ

What is the significance of Silver Elephant Mining's early warning report related to Victory Nickel?

The early warning report indicates a significant reduction in Silver Elephant's shareholding in Victory Nickel, from 18.3% to 12.46%, following the sale of over 8 million shares.

What was the average price per share for Silver Elephant's dispositions of Victory Nickel shares?

Silver Elephant disposed of its shares at an average price of $0.0168.

How many shares of Victory Nickel does Silver Elephant hold after the recent disposals?

After the disposals, Silver Elephant holds 17,222,000 shares of Victory Nickel.

What was the total value of the shares disposed of by Silver Elephant?

The total consideration for the disposed shares was approximately $135,435.