Silver Elephant raises $840,000 in first close of private placement

Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) (FSE: 1P2) has completed the first closing of a non-brokered private placement, raising $840,000 through the sale of 7,000,000 units at $0.12 per unit, according to a press release.

Each unit consists of one common share and one share purchase warrant. Each warrant allows the holder to purchase one additional share at $0.16 for up to three years from the date of issuance.

The company also issued 106,750 finder's units as fees. Each finder's unit includes one share and one non-transferable warrant, exercisable at $0.16 per share for three years from issuance.

John Lee, an insider of the company, subscribed for 1,500,000 units under the offering. The company said the transaction qualifies as a related party transaction under Multilateral Instrument 61-101, and that it relied on exemptions from formal valuation and minority shareholder approval requirements because Lee's participation did not exceed 25% of the company's market capitalization.

All securities issued are subject to a regulatory hold period of four months plus one day under Canadian securities laws. The company said proceeds are expected to be used primarily for general working capital.

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