Private Placement Vote to Exclude Interested Shareholders Not for distribution to United States Newswire Services or for dissemination in the United States
VANCOUVER, BC / ACCESSWIRE / December 17, 2021 / Silver Elephant Mining Corp. ("Silver Elephant", or the "Company") (TSX:ELEF)(OTCQX:SILEF)(Frankfurt:1P2N) is pleased to provide an update on the disinterested shareholder approval requirements for the previously completed equity private placement of its subsidiary Flying Nickel Mining Corp. ("Flying Nickel"), which closed on November 29, 2021 for gross proceeds of $8,600,000 (the "Flying Nickel Offering"). The proceeds of the Flying Nickel Offering are currently held in escrow, pending completion of certain escrow release conditions. The escrow release conditions include approval of the Toronto Stock Exchange ("TSX"), which, as a condition of approval of the Flying Nickel Offering, requires that the Flying Nickel Offering be approved by an ordinary resolution of disinterested shareholders of the Company (the "Flying Nickel Resolution") at the Company's upcoming special meeting of shareholders to be held on December 22, 2021 (the "Meeting"). For the purposes of determining disinterested shareholder approval, those shareholders of the Company that participated in the Flying Nickel Offering (the "Interested Shareholders") will not be permitted to vote on the Flying Nickel Resolution at the Meeting.
The Company wishes to confirm that Interested Shareholders, holding an aggregate of 4,732,800 common shares of the Company, will be excluded from voting on the Flying Nickel Resolution at the Meeting. No directors or officers of the Company or Flying Nickel are amongst the Interested Shareholders. The holdings of the Interested Shareholders represent approximately 2.1% of the outstanding common shares of the Company as of the record date for the Meeting. The Interested Shareholders will be entitled to vote on all other items of business at the Meeting.
For further information regarding the Arrangement and the Meeting, refer to the Company's management information circular which is available under the Company's profile at www.sedar.com. For further information regarding the Flying Nickel Offering, please refer to the Company's news release dated November 30, 2021.
Additionally, the Company announces the appointment of Flora Lo as the Company's corporate secretary.
About Silver Elephant Mining Corp.
Silver Elephant Mining Corp. is a premier mining and exploration company in silver, nickel, and vanadium.
Further information on Silver Elephant and Flying Nickel can be found at www.silverelef.com and www.flynickel.com.