Silver Elephant announces $375,000 private placement

Silver Elephant Mining Corp. (TSX: ELEF) announced a non-brokered private placement to raise $375,000 through the sale of 1,500,000 units at $0.25 per unit, according to a company statement.

Each unit consists of one common share and one warrant allowing the purchase of an additional share at $0.30 within three years of issuance. The company will pay finder's fees of up to 7% in finder's units, which include one share and one non-transferable warrant with the same exercise terms.

Directors and officers are expected to subscribe for up to 600,000 units, representing gross proceeds of up to $150,000. This participation constitutes a related party transaction under securities regulations, though the company anticipates exemptions from minority shareholder approval requirements as the transaction value will not exceed 25% of the company's market capitalization.

The securities will be subject to a four-month-plus-one-day regulatory hold period from the issue date. Silver Elephant intends to use net proceeds primarily for general working capital purposes.

The private placement requires approval from the Toronto Stock Exchange. Silver Elephant is a mineral exploration company with gold and silver projects in Bolivia.

You May Also Be Interested In

• Vogenx prices IPO at $13 per share, raising $81.3M
• SEC clears JFB and XTEND merger path ahead of September close
• Air Canada sells 25% stake in Aeroplan for $2.5 billion