Mr. John Lee reports
SILVER ELEPHANT CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT FOR GROSS PROCEEDS OF $918,199
Silver Elephant Mining Corp., further to its news release dated Sept. 6, 2021, has closed the first tranche of its previously announced private placement offering of 15 million common shares of the company at a price per share of 22 cents for aggregate gross proceeds of $3.3-million. Pursuant to the closing, the company issued an aggregate of 4,173,632 shares for aggregate gross proceeds from the closing of $918,199.
In connection with the closing, the company paid $46,872 in cash and issued 213,054 common share purchase warrants to certain finders as finder's fees. Each finder's warrant is exercisable to acquire one common share of the company at a price of 26 cents until Sept. 22, 2022.
The securities issued in connection with the closing are subject to a regulatory hold period expiring on Jan. 23, 2022.
The closing proceeds are expected to be used for the company's mineral project development and for general working capital purposes.
The company expects to close the final tranche of the offering on or before Oct. 15, 2021.
The company further announces that pursuant to the terms of the company's share-based compensation plan as approved at its annual general meeting of shareholders held on Sept. 10, 2021, it has granted in aggregate, 6.5 million incentive stock options, to certain directors, officers, employees and consultants of the company. The options are exercisable at a price of 26 cents per common share for a term of five years expiring on Sept. 22, 2026, and vest at 12.5 per cent per quarter for the first two years following the date of grant.
About Silver Elephant Mining Corp.
Silver Elephant Mining Corp. is a premier mining and exploration company in silver, nickel and vanadium.
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