Silver Elephant completes private placement raising $445,411

Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) (FSE: 1P2) has closed the second and final tranche of its non-brokered private placement, raising gross proceeds of $445,411 through the sale of 2,783,824 units at $0.16 per unit.

Each unit consists of one common share and one share purchase warrant. The warrants allow holders to purchase additional shares at $0.20 per share for three years from the issuance date.

The company paid finder's fees of 145,250 finder's units, each consisting of one share and one warrant.

Company Director John Lee subscribed for 193,750 units for gross proceeds of $31,000. This transaction is considered a related party transaction under Multilateral Instrument 61-101, but the company relied on exemptions from formal valuation and minority shareholder approval requirements since Lee's participation did not exceed 25% of the company's fair market value.

The securities issued will be subject to a regulatory hold period of four months plus one day from the date of issue. The company expects to use proceeds for general corporate purposes.

Silver Elephant is a mineral exploration company with gold and silver projects in Bolivia. The information is based on a company press release.

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