Silver Elephant Mining Corp.‘s [ELEF-TSX; SILEF-OTCQX; 1P2N-FSE] 100%-owned subsidiary, Nevada Vanadium LLC, has completed the acquisition of the Bisoni vanadium project from Cellcube Energy Storage Systems Inc. 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 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, by 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, calculated based upon the five-day volume-weighted average price of the Silver Elephant common shares immediately following the satisfaction of the vanadium pentoxide pricing condition.
Nevada Vanadium, a wholly-owned subsidiary of Silver Elephant Mining, 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 has added the Bisoni vanadium project to its portfolio.