Canada's Silver Elephant Mining recently announced that it 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, consisting 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.

Transaction closure is expected by Feb.9, 2021.