Silver Elephant Announces C$6.0 Million Bought Deal Public Offering of Common Shares

VANCOUVER, British Columbia, Oct. 20, 2020 (GLOBE NEWSWIRE) -- Silver Elephant Mining Corp. (“Silver Elephant” or the “Company”) (TSX: ELEF, OTCQX:SILEF, Frankfurt:1P2N) is pleased to announce that it has entered into an agreement with  Mackie Research Capital Corporation as lead underwriter and sole bookrunner (the “Lead Underwriter”), on behalf of a syndicate of underwriters, including Canaccord Genuity Corp. and Sprott Capital Partners LP (collectively with the Lead Underwriter, the “Underwriters”), pursuant to which the Underwriters have agreed to purchase, on a bought‐deal basis, 15,000,000 common shares of the Company (the “Common Shares”) at a price of C$0.40 per Common Shares for gross proceeds of C$6,000,000 (the “Offering”).

The Company has granted the Underwriters an option (the “Over-Allotment Option”) to increase the size of the Offering by up to an additional number of Common Shares that in aggregate would be equal to 15% of the total number of Common Shares to be issued under the Offering, at any time up to 30 days following the closing of the Offering.

The net proceeds from the sale of the Common Shares will be used for the exploration, development and/or improvement of the Company’s mine properties and for working capital purposes.

The Offering is scheduled to close on or about November 13, 2020, or such later or earlier date as the Lead Underwriter may agree upon, and is subject to a number of conditions, including receipt of all necessary securities regulatory approvals and the approval of the Toronto Stock Exchange.

The Common Shares will be offered by way of a short form prospectus to be filed in those provinces of Canada, other than Quebec, as the Underwriters may designate pursuant to National Instrument 44-101 – Short Form Prospectus Distributions and may be offered in the United States on a private placement basis pursuant to an appropriate exemption from the registration requirements under applicable U.S. law.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful.  The securities to be offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or under any U.S. state securities laws, and may not be offered, sold, directly or indirectly, or delivered within the “United States” or to, or for the account or benefit of, persons in the “United States” or “U.S. persons” (as such terms are defined in Regulation S under the U.S. Securities Act) except in certain transactions exempt from the registration requirements of the U.S. Securities Act and all applicable U.S. state securities laws. This release does not constitute an offer to sell or a solicitation of an offer to buy such securities in the United States, Canada or in any other jurisdiction where such offer, solicitation or sale is unlawful.