Silver Elephant announces $672,000 private placement financing

Silver Elephant Mining Corp. (TSX: ELEF) announced a non-brokered private placement to raise $672,000 through the sale of 4.2 million units priced at $0.16 each.

Each unit consists of one common share and one warrant allowing the purchase of an additional share at $0.20 for three years from issuance. The company will pay finder's fees of up to 7% in finder's units with similar terms.

Company insiders plan to subscribe for up to 1 million units, representing up to $160,000 in gross proceeds. The insider participation constitutes a related party transaction under Multilateral Instrument 61-101, though the company relies on exemptions from formal valuation and minority shareholder approval requirements since insider participation will not exceed 25% of the company's market capitalization.

Securities issued under the private placement will be subject to a four-month-plus-one-day regulatory hold period. The company expects to use proceeds for general corporate purposes.

The transaction requires approval from the Toronto Stock Exchange. Silver Elephant operates as a mineral exploration company with gold and silver projects in Bolivia.

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