Silver Elephant Mining Corp 6-K, filed Sep 18, 2020
Silver Elephant Mining Corp. (SILEF)
6-K
2020-09-18
For: 2020-09-18
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April 06, 2026
About this 6-K
Silver Elephant Mining Corp filed this 6-K on September 18, 2020.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 or 15d-16 UNDER
THE
SECURITIES EXCHANGE ACT OF 1934
For the
month of September,
2020
Commission
File Number 000-55985
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SILVER ELEPHANT MINING CORP.
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(Translation
of registrant’s name into English)
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Suite 1610 – 409 Granville Street
Vancouver, British Columbia, Canada V6C 1T2
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(Address
of principal executive offices)
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Indicate
by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F
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Form
20-F
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☒
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Form
40-F
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☐
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Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1):
☐
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Note: Regulation S-T Rule 101(b)(1) only permits
the submission in paper of a Form 6-K if submitted solely to
provide an attached annual report to security holders.
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Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule
101(b)(7): ☐
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Note: Regulation S-T Rule 101(b)(7) only permits
the submission in paper of a Form 6-K if submitted to furnish
a report or other document that the registrant foreign private
issuer must furnish and make public under the laws of the
jurisdiction in which the registrant is incorporated, domiciled or
legally organized (the registrant’s “home
country”), or under the rules of the home country exchange on
which the registrant’s securities are traded, as long as the
report or other document is not a press release, is not required to
be and has not been distributed to the registrant’s security
holders, and, if discussing a material event, has already been the
subject of a Form 6-K submission or other Commission filing on
EDGAR.
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1
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
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SILVER ELEPHANT MINING CORP.
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Date:
September 18, 2020
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/s/ Brigitte McArthurCorporate Secretary
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Brigitte McArthur
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Corporate Secretary
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INDEX TO EXHIBITS
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News
Release dated September 18, 2020
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Exhibit 99.1
Silver Elephant Subsidiary Completes Acquisition of
Bisoni Vanadium Project
Vancouver, British Columbia,
September 18, 2020 – Silver Elephant Mining Corp.
(“Silver Elephant” or the “Company”) (TSX:
ELEF, OTCQX:SILEF, Frankfurt:1P2N) announces that its wholly owned
subsidiary Nevada Vanadium LLC (“Nevada Vanadium”)
has completed the acquisition of the Bisoni vanadium
project (“Bisoni Project”) from CellCube Energy
Storage Systems Inc. (“Cellcube”) pursuant to the Asset
Purchase Agreement (“APA”) announced on August 24,
2020. The Bisoni Project is situated immediately southwest to
Nevada Vanadium’s Gibellini Project.
Under the terms of the APA, the Company
has issued 4 million Silver Elephant common shares
(“Compensation Shares”) and paid $200,000 cash to
Cellcube. The Compensation Shares are subject to a statutory four
month and one day hold period expiring on January 19,
2021.
Additionally,
subject to TSX approval, if, on or before December 31, 2023, the
price of European vanadium pentoxide on the Metal Bulletin (or an
equivalent publication) exceeds US$12 a pound for 30 consecutive
days, Silver Elephant will issue to CellCube, an additional
$500,000 worth of Silver Elephant’s common shares (the
“Bonus Shares”), calculated based upon the 5 day volume
weighted average price of the Silver Elephant common shares
immediately following the satisfaction of the vanadium pentoxide
pricing condition.
About Nevada Vanadium
Nevada Vanadium, a
wholly owned subsidiary of Silver Elephant Mining Corp., is
developing the Gibellini Project, the only large-scale, open-pit,
heap-leach vanadium project of its kind in North America. Located
in Nevada, Gibellini is currently undergoing project engineering
and permit development. Nevada Vanadium additionally develops and
adds the Bisoni
Vanadium Project to its portfolio. Further information on
Nevada Vanadium can be found at www.nevadavanadium.com.
About
Silver Elephant
Silver Elephant is a premier
silver mining company. The Company’s goal is to enable
shareholders to own as much silver in the ground as
possible. Further information on Silver Elephant can be
found at www.silverelef.com.
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
Not for dissemination in the United States or for distribution to
U.S. newswire services. The securities offered have not been
registered under the U.S. Securities Act of 1933, as amended (the
“U.S. Securities Act”), or any applicable state
securities laws and may not be offered or sold in the United States
or to, or for the account or benefit of, a person in the United
States or a U.S. person (as defined in Regulation S under the U.S.
Securities Act) absent registration under the U.S. Securities Act
and any applicable state securities laws, or compliance with an
exemption therefrom. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy nor shall
there be any sale of the securities in any state in which such
offer, solicitation or sale would be unlawful.
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
Some
statements in this news release are about future events and
performance. Such statements are based on current estimates,
predictions, expectations, or beliefs. The subjects of the
statements include, but are not limited to (i) construction of a
mine at the project and related actions; (ii) estimates of the
capital costs of constructing mine facilities, bringing the mine
into production, and sustaining the mine, together with estimates
of the length of financing payback periods; (iii) the estimated
amount of future production, of both ore mined and metal recovered;
and (iv) estimates of the life of the mine and of the operating and
total costs, cash flow, net present value, and economic returns,
including internal rate of return from an operating mine
constructed at the project. All forward-looking statements are
based on Company’s or its consultants’ current beliefs
and assumptions, which are in turn based on the information
currently available to them. The most significant assumptions are
set forth above, but generally these assumptions include: (i) the
presence and continuity of vanadium mineralization at the project
at the estimated grades; (ii) the geotechnical and metallurgical
characteristics of the rock conforming to the sampled results;
(iii) infrastructure construction costs and schedule; (iv) the
availability of personnel, machinery, and equipment at the
estimated prices and within the estimated delivery times; (v)
currency exchange rates; (vi) vanadium sale prices; (vii)
appropriate discount rates applied to the cash flows in the
economic analysis; (viii) tax rates applicable to the proposed
mining operation; (ix) the availability of acceptable financing on
reasonable terms; (x) projected recovery rates and use of a process
method, which although well-known and proven with other commodity
types, such as copper, has not been previously brought into
production for a vanadium project; (xi) reasonable contingency
requirements; (xii) success in realizing proposed operations; and
(xiii) assumptions that the project’s environmental approval
and permitting is forthcoming from county, state, and federal
authorities. The economic analysis is partly based on Inferred
Mineral Resources that are considered too speculative geologically
to have the economic considerations applied to them that would
enable them to be categorized as Mineral Reserves, and there is no
certainty that any economic assessment based on these Mineral
Resources will be realized. Currently there are no Mineral Reserves
on the Gibellini property. Although the Company’s management
and its consultants consider these assumptions to be reasonable,
given the information currently available to them, they could prove
to be incorrect. Many forward-looking statements are made assuming
the correctness of other forward-looking statements, such as
statements of net present value and internal rates of return. Those
statements are based in turn on most of the other forward-looking
statements and assumptions made herein. The cost information is
also prepared using current values, but the time for incurring the
costs is in the future and it is assumed costs will remain stable
over the relevant period.
These
factors should be considered carefully, and readers should not
place undue reliance on forward-looking statements by the Company
or its consultants. The Company and its consultants believe 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 correct. In addition, although the
Company and its consultants have 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 and its consultants undertake no obligation to publicly
release any future revisions of the forward-looking statements that
reflect events or circumstances that occur after the date of this
news release or reflect the occurrence of unanticipated events,
except as expressly required by law.