Silver Elephant Increases Non-Brokered Private Placement to $420,000 and Closes First Tranche for $330,000
Rhea-AI Summary
Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) has expanded its non-brokered private placement to $420,000, up from its previous announcement on January 16, 2025. The placement consists of 2,800,000 units priced at $0.15 per unit. Each unit includes one common share and one warrant, with warrants exercisable at $0.30 per share for three years.
The company has successfully closed the first tranche, raising $330,000 through the sale of 2,200,000 units. A finder's fee was paid to Canaccord Genuity Corp. through the issuance of 119,000 units. The securities issued will have a four-month plus one day regulatory hold period, and proceeds will be used for general corporate purposes.
Positive
- Successfully raised $330,000 in first tranche of private placement
- Increased total placement size to $420,000 from original plan
- Three-year warrant term provides extended funding flexibility
Negative
- Potential dilution for existing shareholders through new share issuance
- Additional dilution from finder's fee units issued to Canaccord
News Market Reaction 1 Alert
On the day this news was published, SILEF gained 4.75%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Vancouver, British Columbia--(Newsfile Corp. - January 27, 2025) - Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) (FSE: 1P2) ("Silver Elephant" or the "Company") announces that, further to its news release dated January 16, 2025, it has increased the size of the private placement (the "Private Placement") to 2,800,000 units (the "Units") for aggregate gross proceeds of
The Company further announces that it has closed the first tranche of the Private Placement raising gross proceeds 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 the first tranche of the Private Placement by way of issuance of 119,000 Units.
About Silver Elephant Mining Corp.
Silver Elephant is a mineral exploration company with the Paca silver project and Triunfo gold project in Bolivia.
Further information on Silver Elephant can be found at www.silverelef.com.
SILVER ELEPHANT MINING CORP.
ON BEHALF OF THE BOARD
"John Lee"
CEO and Executive Chairman
For more information about Silver Elephant, please contact Investor Relations:
+1.604.569.3661 ext. 101
info@silverelef.com
www.silverelef.com
FORWARD-LOOKING INFORMATION
Certain statements contained in this news release, including statements which may contain words such as "expects", "anticipates", "intends", "plans", "believes", "estimates", or similar expressions, and statements related to matters which are not historical facts, are forward-looking information within the meaning of applicable securities laws. Such forward-looking statements, which reflect management's expectations regarding the Company's future growth, results of operations, performance, business prospects and opportunities, are based on certain factors and assumptions and involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements. Forward-looking information in this news release includes the expected gross proceeds of the Private Placement, use of proceeds raised from the Private Placement.
Forward-looking statements involve significant risks and uncertainties, and should not be read as guarantees of future performance, events or results, and may not be indicative of whether such events or results will actually be achieved. A number of risks and other factors could cause actual results to differ materially from expected results discussed in the forward-looking statements, including but not limited to: market conditions; ability to complete the financing; changes in business plans; ability to secure sufficient financing to advance the Company's mining projects; and general economic conditions. Additional risk factors about the Company are set out in its latest annual and interim management's discussion and analysis and annual information form available under the Company's profile on SEDAR at www.sedarplus.ca.
Forward-looking statements are based on reasonable assumptions by management as of the date of this news release, and there can be no assurance that actual results will be consistent with any forward-looking statements included herein. Readers are cautioned that all forward looking statements in this news release are made as of the date of this news release. The Company undertakes no obligation to update or revise any forward-looking statements in this news release to reflect circumstances or events that occur after the date of this news release, except as required by applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/238648
FAQ
What is the size of Silver Elephant Mining's (SILEF) latest private placement?
How much did SILEF raise in the first tranche of its January 2025 private placement?
What are the terms of SILEF's warrant offering in the January 2025 private placement?
What is the lock-up period for SILEF's private placement securities?
How many finder's fee units did SILEF issue to Canaccord Genuity?
