Silver Bull Announces Closing of Initial Tranche of Private Placement for CDN$1,459,200, Including CDN$200,000 from Sprott Managed Fund
VANCOUVER, BC - (July 11, 2017) - Silver Bull Resources, Inc. (TSX: SVB; OTCQB: SVBL) ("Silver Bull" or the "Company") is pleased to announce that it has completed the initial tranche of its previously announced private placement (the "Private Placement"). The initial tranche consisted of 18,240,000 units (the "Units") of the Company at a price of CDN$0.08 per Unit for aggregate gross proceeds of CDN$1,459,200. Each Unit consisted of one common share in the capital of the Company (a "Common Share") and one Common Share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to acquire one Common Share at a price of CDN$0.13 until the second anniversary of the closing of initial tranche of the Private Placement.
Exploration Capital Partners 2009 Limited Partnership, a fund managed by one of the Sprott Group of Companies purchased 2,500,000 Units.
The net proceeds of the Private Placement will be used by Silver Bull for general working capital purposes and exploration of the Sierra Mojada Project. The Company paid an aggregate cash commission on the initial tranche of CDN$100,744, in addition to issuing an aggregate of 1,259,300 non-transferable common share purchase warrants (the "Finders' Warrants"). Each Finders' Warrant entitles the holder thereof to acquire one Common Share for CDN$0.10 until the second anniversary of the closing of the initial tranche of the Private Placement.
All securities issued pursuant to the Private Placement are subject to a hold period under applicable Canadian securities laws, which will expire four months from the date of closing of the Private Placement, and U.S. securities laws, which will expire six months from the date of the closing of the Private Placement.
The securities issued under the Private Placement have not been, and will not be, 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. 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.
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.
On behalf of the Board of Directors
"Tim Barry"
Tim Barry, CPAusIMM
Chief Executive Officer, President and Director
