Exhibit 99.1
Not for distribution to U.S. news wire services or dissemination in
the United States.
Silver Elephant Announces Filing of Technical Report for
Pulacayo Project and Final Short-Form Prospectus
for
Previously Announced $8.0 Million Bought Deal
Offering
Vancouver, British Columbia, November 17, 2020 – Silver
Elephant Mining Corp. ("Silver Elephant" or the "Company") (TSX:ELEF, OTCQX:SILEF, Frankfurt:1P2N)
is pleased to announce that, further to its press releases dated
October 13, 2020, October 20, 2020, October 21, 2020, and October
27, 2020, it has filed its independent amended technical report
with a report date of November 12, 2020 and an effective date of
October 13, 2020, titled "Mineral Resource Estimate Technical
Report for the Pulacayo Project" (the "Report"). The Report was prepared by
Mercator Geological Services Limited on the Company’s
Pulacayo project and has been filed under the Company’s
profile on the System for Electronic Document Analysis and
Retrieval at www.sedar.com.
The
Company has also filed a final short form prospectus with the
securities commissions in each of the provinces of Canada, other
than Québec, in connection with its previously announced
bought deal offering (the "Offering") of 20,000,000 common shares
of the Company (the "Offered
Shares") at a price of C$0.40 per share for aggregate gross
proceeds of $8.0 million through a syndicate of underwriters led by
Mackie Research Capital Corporation and including Canaccord Genuity
Corp. and Sprott Capital Partners LP (together, the "Underwriters").
The
Company has also granted the Underwriters the option, exercisable
in whole or in part from time to time at any time on or prior to
the date that is 30 days following the closing date of the Offering
to acquire up to an additional 3,000,000 common shares of the
Company (representing an additional 15% of the Offered Shares) at a
price of C$0.40 per share.
Closing
of the Offering is expected to occur on November 24, 2020, or such
other date as may be agreed by the Company and the Underwriters,
acting reasonably.
The
Toronto Stock Exchange has conditionally approved the Offering and
the listing of the Offered Shares, subject to customary
conditions.
Insider Participation
It is
anticipated that John Lee, a director and officer of the Company,
will purchase 750,000 Offered Shares pursuant to the Offering. As a
result of the participation of Mr. Lee in the Offering, the
Offering constitutes a "related party transaction" under
Multilateral Instrument 61-101 – Protection of Minority Security Holders in
Special Transactions ("MI
61-101").
Pursuant
to sections 5.5(a) and 5.7(1)(a) of MI 61-101, the Company is
exempt from obtaining a formal valuation and minority approval of
the Company’s shareholders as the fair market value of Mr.
Lee’s participation in the Offering is below 25% of the
Company’s market capitalization as determined in accordance
with MI 61-101.
A
material change report including details with respect to the
related party transaction could not be filed less than 21 days
prior to the closing of the Offering as the Company did not receive
prior confirmation of such participation and the Company deemed it
reasonable in the circumstances so as to be able to avail itself of
potential financing opportunities and complete the Offering in an
expeditious manner.
This
news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The
securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state
securities laws and may not be offered or sold within the United
States unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
About Silver Elephant
Silver
Elephant Mining Corp. is a premier silver mining company. The
Company’s goal is to enable shareholders to own as much
silver in the ground as possible.
SILVER
ELEPHANT MINING CORP.
ON
BEHALF OF THE BOARD
"JOHN
LEE"
Executive
Chairman
For
more information about Silver Elephant, please contact Investor
Relations:
+1.604.569.3661
EXT. 101
IR@silverelef.com
www.silverelef.com
Neither the Toronto Stock Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the Toronto
Stock Exchange) accepts responsibility for the adequacy or accuracy
of this release.
Cautionary Note Regarding Forward-Looking Statements
Certain
statements contained in this news release, including statements
which may contain words such as "expects", "anticipates",
"intends", "plans", "believes", "estimates", or similar
expressions, and statements related to matters which are not
historical facts are forward-looking information within the meaning
of applicable securities laws. Such forward-looking statements,
which reflect management’s expectations regarding
Company’s future growth, results of operations, performance,
and business prospects and opportunities, are based on certain
factors and assumptions and involve known and unknown risks and
uncertainties which may cause the actual results, performance, or
achievements to be materially different from future results,
performance, or achievements expressed or implied by such
forward-looking statements.
These
factors should be considered carefully, and readers should not
place undue reliance on the Company’s forward-looking
statements. The Company believes that the expectations reflected in
the forward-looking statements contained in this news release and
the documents incorporated by reference herein are reasonable, but
no assurance can be given that these expectations will prove to be
correct. In addition, although the Company has attempted to
identify important factors that could cause actual actions, events,
or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events, or results not to be as anticipated, estimated, or
intended. The Company undertakes no obligation to publicly release
any future revisions to forward-looking statements to reflect
events or circumstances after the date of this news or to reflect
the occurrence of unanticipated events, except as expressly
required by law.