Silver Elephant closes first tranche of financing

Executive Summary

• Silver Elephant Mining Corp. closed the first tranche of a non‑brokered private placement, raising $264,308 in gross proceeds.
• The offering consisted of 1,651,926 units at $0.16 per unit, each unit containing one common share and one warrant (exercise price $0.20, three‑year term).
• Related‑party subscriptions by Director John Lee ($65,000) and major shareholder Ron Motz ($64,000) were disclosed; the company will file a material change report for these transactions.

Key Details

• Units sold: 1,651,926 units @ $0.16 per unit → gross proceeds $264,308.
• Unit composition: 1 common share + 1 warrant (right to purchase one additional share at $0.20 for three years).
• Finder’s fees: 14,000 finder’s units issued (each = 1 share + 1 warrant).
• Related‑party subscriptions:
• John Lee – Director: 406,250 units → $65,000 gross proceeds.
• Ron Motz – Shareholder (>10%): 400,000 units → $64,000 gross proceeds.
• Regulatory hold: Units subject to a four‑month plus one day hold period from issuance date.
• Use of proceeds: Expected to be applied to general corporate purposes.
• Compliance: Transactions qualify for exemptions under MI 61‑101 sections 5.5(a) and 5.7(a); material change report to be filed.

Notable Quotes

(No direct quotes were provided in the release.)