Silver Elephant Completes Plan Of Arrangement, Post-Arrangement Shares To Trade On January 18, 2022
VANCOUVER, BC / ACCESSWIRE / January 17, 2022 / Silver Elephant Mining Corp. (“Silver Elephant” or the “Company”) (TSX:ELEF)(OTCQX:SILEF)(Frankfurt:1P2N) announces the completion of previously announced plan of arrangement (the “Arrangement“).
Pursuant to the Arrangement, the common shares of the Company were consolidated on a 10:1 basis (the “Consolidation“) and each holder of common shares of the Company will receive in exchange for every 10 pre-Consolidation common shares held: (i) one post-Consolidation common share of the Company; (ii) one common share of Flying Nickel Mining Corp. (“Flying Nickel“); (iii) one common share of Nevada Vanadium Mining Corp. (“Nevada Vanadium“); and (iv) two common shares of Battery Metals Royalties Corp. (“Battery Metals“).
The Toronto Stock Exchange (“TSX“) issued its final trading bulletin in respect of the Arrangement on January 14, 2022. Trading in the Company’s common shares will commence on a post-Arrangement and post-Consolidation basis under the same symbol “ELEF” at market open on Tuesday, January 18, 2022. The CUSIP has changed to 82770L307.
The trading symbol for the common shares on the OTCQX will change to “SILEFD” for a period of 20 trading days after the Consolidation is effected, after which the ‘D’ will be removed and the Company’s trading symbol will revert back to “SILEF”.
Post-Arrangement, each company will commence its corresponding core business with the following:
- Silver Elephant, with 24,134,945 post-Consolidation common shares outstanding, holding a 100% interest in the Pulacayo silver and El Triunfo gold-silver projects in Bolivia, and 31,730,110 shares of Battery Metals’ (representing 39.7%) as a long-term investment;
- Flying Nickel, a new Canadian reporting issuer (CUSIP 34408W106), with 57,836,470 common shares outstanding, holding a 100% interest in the Minago nickel project in the Thompson nickel belt in Manitoba;
- Nevada Vanadium (CUSIP 64152L105), a new Canadian reporting issuer, with 50,000,000 common shares outstanding, holding a 100% interest in the Gibellini vanadium project in Nevada; and
- Battery Metals (CUSIP 07134N103), a new Canadian reporting issuer, with 80,000,000 common shares outstanding, holding a 2% royalty in each of the assets referenced above, and 22,953,991 shares of Flying Nickel (representing 39.7%) and 22,953,991 shares of Nevada Vanadium (representing 45.9%) as long-term investments.
For more information regarding the Arrangement, readers should refer to the Company’s management information circular prepared in connection with the Meeting, a copy of which is available at www.sedar.com and silverelef.com. Further information on Silver Elephant, Flying Nickel, Nevada Vanadium, and Battery Metals can be found at www.silverelef.com, flynickel.com, nevadavanadium.com, and royalbatt.com, respectively.
While it is currently expected that each of the new companies will aim to list on a Canadian securities exchange, listing is subject to the applicable rules and policies of the respective exchange. There is no guarantee that any such company will be able to meet the initial listing requirements.
In order to receive post-Consolidation common shares of the Company and common shares of each of Flying Nickel, Nevada Vanadium and Battery Metals, registered shareholders should complete the letter of transmittal (which can be completed post-Effective Date) prepared in connection with the Arrangement, copies of which are available at www.sedar.com, www.silverelef.com, or by contacting the Company. Beneficial shareholders do not need to complete a letter of transmittal and should contact their broker or intermediary with any questions.
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