Silver Elephant completes $85,000 private placement with director purchase

Silver Elephant Mining Corp. (TSX: ELEF) completed the second and final tranche of its non-brokered private placement, raising gross proceeds of $85,000 through the sale of 340,000 units at $0.25 per unit.

Each unit consists of one common share and one warrant. The warrants allow holders to purchase additional shares at $0.30 per share for three years from issuance.

Company director John Lee purchased all 340,000 units for $85,000. The transaction qualifies as a related party transaction under Multilateral Instrument 61-101. The company relied on exemptions from formal valuation and minority shareholder approval requirements because Lee's participation did not exceed 25% of the company's market capitalization fair value.

The securities carry a regulatory hold period of four months plus one day from the issue date. The company plans to use proceeds for general corporate purposes.

Silver Elephant will file a material change report regarding the related party transaction. The Vancouver-based company operates as a mineral exploration firm with gold and silver projects in Bolivia.

You May Also Be Interested In

• SpaceX (SPCX) gains nearly 6% as traders follow the money
• NexGen Energy shares rise on talks with BHP about Rook I project
• Morgan Stanley reports China property sales rise in 50 cities