- Silver Elephant Mining (OTCQX: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 2030.
- Transaction closure is expected by Feb.9, 2021.