Oracle Commodity Holding Corp. announced that it expects to receive CAD 0.429 million in funding from Silver Elephant Mining Corp and another investor.

Oracle Commodity Holding Corp announced a non brokered private placement of 3,900,000 units at a price of CAD 0.11 per Unit for gross proceeds CAD 429,000 on May 13, 2024. The transaction includes participation from John Lee, chairman and Silver Elephant Mining Corp. Each Unit consists of one common share of the Company and one share purchase warrant with each Warrant entitling the holder to purchase one additional common share of the Company at a price of CAD 0.15 per share for a period of three years from issuance.

The securities issued as part of the Private Placement will be subject to a hold period of four months plus one day from the date of issue. John Lee to subscribe 1,300,000 Units for gross proceeds of CAD 143,000 and Silver Elephant Mining Corp will subscribe for 1,470,000 Units for gross proceeds of $161,700 to maintain its 35.82% Oracle ownership. The Company will file a material change report in respect of the related party transactions in connection with the Placement.

The Placement is subject to approval by relevant stock exchanges.