Silver Bull Resources {TSX.V: SVB}
Announced that it has completed the initial tranche of its previously announced private placement. The initial tranche consisted of 21,776,317 units of the Company at a price of US $0.13 per Unit for aggregate gross proceeds of US $2,830,921.
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VANCOUVER, British Columbia, July 26, 2018 – Silver Bull Resources {TSX.V: SVB} is pleased to announce that it has completed the initial tranche of its previously announced private placement. The initial tranche consisted of 21,776,317 units (the “Units”) of the Company at a price of US $0.13 per Unit for aggregate gross proceeds of US $2,830,921.
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Each Unit consisted of one common share in the capital of the Company (a “Common Share”) and one half of one transferable Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to acquire one Common Share at a price of USD$0.16 until the second anniversary of the closing of initial tranche of the Private Placement.
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Exploration Capital Partners 2005 Limited Partnership, a fund managed by one of the Sprott Group of Companies purchased 8,100,000 Units.
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The net proceeds of the Private Placement will be used by Silver Bull for general working capital purposes. The Company paid an aggregate cash commission on the initial tranche of US $184,070, in addition to issuing an aggregate of 1,011,374 non-transferable common share purchase warrants (the “Finders’ Warrants”). Each Finders’ Warrant entitles the holder thereof to acquire one Common Share for US $0.14 until the second anniversary of the closing of the initial tranche of the Private Placement.
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All securities issued pursuant to the Private Placement are subject to a hold period under applicable Canadian securities laws, which will expire four months plus one day from the date of closing of the Private Placement, and will be restricted securities for purposes of U.S. securities laws.
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The securities issued under the Private Placement have not been registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. The Company plans to file a registration statement pursuant to the U.S. Securities Act which, when effective, will permit the resale of the Common Shares issued in connection with the Private Placement as well as the Common Shares issuable upon exercise of the Warrants and the Finders’ Warrants. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of Silver Bull’s securities in the United States.
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About Silver Bull: Silver Bull is a mineral exploration company whose shares are listed on the Toronto Stock Exchange and trade on the OTCQB in the United States, and is based out of Vancouver, Canada. The Sierra Mojada Project is located 150 kilometers north of the city of Torreon in Coahuila, Mexico, and is highly prospective for silver and zinc.
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On behalf of the Board of Directors
“Tim Barry”
Tim Barry, CPAusIMM