Silver Elephant expands private placement to CAD 882,000

Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) (FSE: 1P2) has increased the size of a non-brokered private placement, previously announced on September 3, 2026, to up to 7,350,000 units at CAD $0.12 per unit, for gross proceeds of up to CAD $882,000.

Each unit consists of one common share and one share purchase warrant, with each warrant entitling the holder to purchase one additional share at CAD $0.16 for a period of three years from the date of issuance.

Finder's fees of up to 7% in finder's units may be payable in connection with the placement. Each finder's unit consists of one share and one non-transferable warrant, also exercisable at CAD $0.16 per share for three years from issuance.

Up to 2,000,000 units are expected to be issued to company insiders, constituting a related-party transaction under Multilateral Instrument 61-101. The company said it 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.

All securities issued will be subject to a regulatory hold period of four months and one day under Canadian securities laws. The company said net proceeds will be used primarily for general working capital purposes.

The placement is expected to close by October 9, 2026, subject to Toronto Stock Exchange approval.

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