Silver Elephant raises $565,000 in first tranche of private placement

Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) (FSE: 1P2) closed the first tranche of its non-brokered private placement, raising gross proceeds of $565,000 through the sale of 2,260,000 units at $0.25 per unit.

Each unit consists of one common share and one share purchase warrant. The warrants allow holders to purchase additional shares at $0.32 per share for three years from issuance.

The company issued 21,000 finder's units to eligible finders in connection with the private placement. The finder's warrants have the same terms as the warrants in the standard units.

Company insiders participated in the private placement for 210,000 units total, constituting a related party transaction under Multilateral Instrument 61-101. Silver Elephant relied on exemptions from formal valuation and minority shareholder approval requirements because insider participation did not exceed 25% of the company's market capitalization fair market value.

The securities issued are subject to a regulatory hold period of four months plus one day from the issue date. Proceeds will be used for general corporate purposes.

The second and final tranche of the private placement is expected to close around January 27, 2026, subject to regulatory approval. Silver Elephant focuses on developing its silver-lead-zinc project in Bolivia.

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