Silver Elephant announces $625,000 private placement financing

Silver Elephant Mining Corp. (TSX: ELEF) announced a non-brokered private placement to raise $625,000 through the sale of 2.5 million units priced at $0.25 each.

Each unit consists of one common share and one warrant allowing the purchase of an additional share at $0.32 for three years from issuance. The company will pay finder's fees of up to 7% in finder's units with similar terms.

Directors and officers are expected to purchase up to 550,000 units for proceeds of up to $137,500. This participation qualifies as a related party transaction under regulatory requirements, though the company expects to rely on exemptions as the transaction value will not exceed 25% of market capitalization.

Securities issued will be subject to a four-month plus one-day hold period. The Vancouver-based company plans to use proceeds primarily for director fees and general working capital.

The private placement requires approval from the Toronto Stock Exchange. Silver Elephant is a mineral exploration company focused on developing a silver-lead-zinc project in Bolivia.

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