Silver Elephant Closes 1st Tranche of Non-Brokered Private Placement Raising Gross Proceeds of $198,450
Rhea-AI Summary
Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) has closed the first tranche of its non-brokered private placement, raising gross proceeds of $198,450. The company sold 405,000 units at a price of $0.49 per unit. Each unit consists of one common share and one share purchase warrant, allowing the holder to purchase an additional share at $0.55 for three years from issuance.
The securities issued will be subject to a four-month plus one day regulatory hold period. Proceeds are expected to be used for general corporate purposes. Silver Elephant paid a finder's fee to Canaccord Genuity Corp. through the issuance of 4,900 units.
Positive
- Raised $198,450 in gross proceeds through private placement
- Each unit includes a warrant for additional share purchase, potentially increasing future capital
Negative
- Small capital raise may indicate investor interest or funding challenges
- Issuance of new shares and warrants may lead to potential dilution for existing shareholders
News Market Reaction
On the day this news was published, SILEF declined 0.87%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Vancouver, British Columbia--(Newsfile Corp. - October 18, 2024) - Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) (FSE: 1P2) ("Silver Elephant" or the "Company") announces that, further to its news release dated October 7, 2024, it has closed the first tranche of its non-brokered private placement (the "Private Placement") raising gross proceeds of
Each unit consists of one common share of the Company ("Share") and one share purchase warrant with each warrant (the "Warrant") entitling the holder to purchase one additional Share at a price of
The securities issued as part of the Private Placement will be subject to a regulatory hold period of four months plus one day from the date of issue.
Proceeds of the Private Placement are expected to be used for general corporate purposes.
The Company paid a finder's fee to Canaccord Genuity Corp. in connection with a portion of the Private Placement by way of issuance of 4,900 Units.
About Silver Elephant Mining Corp.
Silver Elephant is a silver mining company, with its flagship Pulacayo-Paca silver project in production since October 2023 in Bolivia.
Further information on Silver Elephant can be found at www.silverelef.com.
ON BEHALF OF THE BOARD
"John Lee"
Executive Chairman
For more information about Silver Elephant, please contact Investor Relations:
+1.604.569.3661 ext. 101
info@silverelef.com
www.silverelef.com
Neither the TSX nor its Regulation Services Provider (as that term is defined in policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/227136
FAQ
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