Silver Elephant Receives Final Court Approval, Sets January 14 As Effective Date For Plan Of Arrangement

Silver Elephant Mining Corp. (“Silver Elephant” or the “Company”) (TSX:ELEF, Financial)(OTCQX:SILEF, Financial)(Frankfurt:1P2N) announces that it has received final approval of the British Columbia Supreme Court (the “Court”) for its previously announced plan of arrangement (the “Arrangement”). Receipt of Court approval follows the near-unanimous approval of the Arrangement by the Company’s shareholders at the special meeting held on December 22, 2021 (the “Meeting”). The effective date of the Arrangement is January 14, 2022 (the “Effective Date”).
Pursuant to the Arrangement, the common shares of the Company will be 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”).
Post-Arrangement, each company will commence its corresponding core business with the following:
Silver Elephant, holding a 100% interest in the Pulacayo silver and El Triunfo gold-silver projects in Bolivia, and minority equity interest in Battery Metals as a long-term investment;
Nevada Vanadium, a new Canadian reporting issuer, holding a 100% interest in the Gibellini vanadium project in Nevada;
Flying Nickel, a new Canadian reporting issuer, holding a 100% interest in the Minago nickel project in the Thompson nickel belt in Manitoba; and
Battery Metals, a new Canadian reporting issuer, holding a 2% royalty in each of the assets referenced above, and minority equity interests in Flying Nickel and Nevada Vanadium as long-term investments.
In order to receive post-Consolidation common shares of the Company and common shares of each of Flying Nickel, Nevada Vanadium and Battery Royalties, registered shareholders should complete the letter of transmittal prepared in connection with the Arrangement. Beneficial shareholders do not need to complete a letter of transmittal and should contact their broker or intermediary with any questions.
At present, it is expected that the Toronto Stock Exchange (“TSX”) will issue its final trading bulletin in respect of the Arrangement as soon as possible on or after the Effective Date. Trading in the Company’s common shares will commence on a post-Arrangement and post-Consolidation basis at the opening of the market on the date that is two trading days after issuance of the TSX bulletin. At present, this is expected to occur on Tuesday, January 18, 2022, or such later date as may be determined by the TSX. The Company will issue a further press release to confirm this date.