Mr. John Lee of Silver Elephant reports
SILVER ELEPHANT MINING CORP. FILES EARLY WARNING REPORT IN RESPECT OF VICTORY NICKEL INC.
Silver Elephant Mining Corp. has filed an early warning report under National Instrument 62-103, The Early Warning System And Related Take-Over Bid And Insider Reporting Issues, in connection with its dispositions of 8,061,000 common shares of Victory Nickel Inc.
Between July 14, 2021, and July 19, 2021, Silver Elephant disposed of 8,061,000 through the facilities of the Canadian Securities Exchange at an average price of 1.68 cents for a total consideration of approximately $135,435.00. Prior to the dispositions, Silver Elephant held 25,283,000 shares, which represented approximately 18.3 per cent of the issued and outstanding shares of Victory Nickel on a non-diluted basis. Immediately after the dispositions, Silver Elephant holds 17,222,000 shares, which represent 12.46 per cent of Victory Nickel's issued and outstanding shares on a non-diluted basis. All shares are held directly by Silver Elephant and no joint actor of Silver Elephant holds any securities of Victory Nickel.
Silver Elephant acquired the shares for investment purposes. It intends to evaluate its investment in Victory Nickel and to increase or decrease its shareholdings from time to time as it may deem appropriate.
Silver Elephant and Victory Nickel have entered into a voting trust agreement in respect of the shares acquired by Silver Elephant whereby Silver Elephant has agreed it shall either vote the shares held by Silver Elephant in accordance with the direction of Victory Nickel or shall abstain from voting such shares.
An early warning report has been filed by Silver Elephant in accordance with applicable securities laws and will be available on SEDAR under the Victory Nickel's profile on SEDAR or may be obtained directly from Silver Elephant upon request by telephone. The head office of Victory Nickel is located at 9 Crestwood Dr., Toronto, Ont., M1E 1E6, and the shares are traded on the Canadian Securities Exchange. The head office of Silver Elephant is located at Suite 1610, 409 Granville St., Vancouver, B.C., V6C 1T2. There are no joint actors in connection with the acquisition.
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