Silver Elephant announces $840,000 private placement at $0.12 per unit

Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) (FSE: 1P2) has announced a non-brokered private placement to raise $840,000 through the sale of 7,000,000 units at $0.12 per unit, according to a press release from the Vancouver-based company.

Each unit consists of one common share and one share purchase warrant. Each warrant entitles the holder to purchase one additional share at $0.16 for three years from issuance.

Insiders are expected to subscribe for up to 2,000,000 units for gross proceeds of up to $240,000. The company said the insider participation qualifies as a related-party transaction under Multilateral Instrument 61-101 but anticipates relying on exemptions from minority shareholder approval and formal valuation requirements, as the value involved is not expected to exceed 25% of the company's market capitalization.

Finder's fees of up to 7% in finder's units will be payable, with each finder's unit consisting of one share and one non-transferable warrant exercisable at $0.16 per share for three years.

Securities issued under the placement will be subject to a regulatory hold period of four months plus one day. The company said net proceeds will be used primarily for general working capital purposes. The placement requires approval from the Toronto Stock Exchange.

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