Silver Elephant Closes 2nd and Final Tranche of Non-Brokered Private Placement Raising Gross Proceeds of $291,550

Rhea-AI Summary

Silver Elephant Mining has completed the second and final tranche of its non-brokered private placement, raising $291,550 through the sale of 595,000 units at $0.49 per unit. Each unit includes one common share and one warrant, allowing purchase of an additional share at $0.55 for three years. CEO John Lee subscribed for 500,000 units ($245,000). The securities have a four-month plus one-day regulatory hold period. No finder's fees were paid for this tranche, and proceeds will be used for general corporate purposes.

Positive

• Successfully raised $291,550 in additional capital
• CEO demonstrates confidence in company through $245,000 personal investment

Negative

• Dilutive effect on existing shareholders through issuance of new shares
• 84% of placement concentrated with single insider (CEO)

Vancouver, British Columbia--(Newsfile Corp. - November 4, 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 second and final tranche of its non-brokered private placement (the "Private Placement") raising gross proceeds of $291,550 through the sale of 595,000 units (the "Units") at a price of $0.49 per unit.

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 $0.55 per Share for a period of three years from issuance.

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.

John Lee, CEO and a Director of the Company (the "Insider") subscribed for 500,000 Units for gross proceeds of $245,000. The issuance of Units to the Insider pursuant to the Private Placement will be considered a related party transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company relies on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that participation in the Private Placement by the Insider will not exceed 25% of the fair market value of the Company's market capitalization. The Company will file a material change report in respect of the related party transactions in connection with the Private Placement.

No finder's fees were paid in connection with the 2nd tranche of this Private Placement.

Proceeds of the Private Placement are expected to be used for general corporate purposes.

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/228866

FAQ

How much did Silver Elephant Mining (SILEF) raise in its second tranche private placement?

Silver Elephant Mining raised $291,550 through the sale of 595,000 units at $0.49 per unit in the second and final tranche of its non-brokered private placement.

What are the terms of Silver Elephant Mining's (SILEF) warrant offering in November 2024?

Each warrant allows holders to purchase one additional share at $0.55 per share for a period of three years from issuance.

How many units did CEO John Lee purchase in Silver Elephant Mining's (SILEF) private placement?

CEO John Lee subscribed for 500,000 units for gross proceeds of $245,000.