SILEF - Silver Elephant to acquire Minago Nickel Project in Canada

Silver Elephant Mining (SILEF) entered into a binding definitive asset purchase agreement with Victory Nickel to acquire the Minago Nickel Project located in Thompson nickel belt, Manitoba, Canada for $11.68M (consists of $6.7M credit against certain secured debt owed by Victory Nickel to Silver Elephant at closing and $5M in Silver Elephant shares).Also, Silver Elephant will agree to issue to Victory Nickel C$2M in shares on nickel price exceeding $10/pound for 30 consecutive business days, occurring before Dec. 31, 2023.On closure, Silver Elephant will also subscribe for 40M shares of Victory Nickel at $0.025/share."The Minago acquisition immediately propels Silver Elephant to the forefront of the nickel sulphide mining space to supply much needed Class 1 nickel for long-range, high-intensity, fast charging NMC 811 cathode standard in lithium batteries to fuel mass EV adoption," VP,  Exploration and Canadian Operations state Dan Oosterman commented.A recent report by Ken Hoffman of Mckinsey indicates EV penetration to reach 22 to 30% by

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Silver Elephant to acquire Minago Nickel Project in Canada