Business
Silver Bull Announces Closing of Initial Tranche of Private Placement for CDN$565,435
VANCOUVER, BC--(Marketwired - May 20, 2016) - NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Silver Bull Resources, I
About this update from Silver Bull Resources, Inc.
[{"type":"text","content":"VANCOUVER, BC--(Marketwired - May 20, 2016) - NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Silver Bull Resources, Inc. (TSX:SVB)(OTCQB:SVBL) (\"Silver Bull\" or the \"Company\") is pleased to announce that it has completed the initial tranche of its previously announced non-brokered private placement (the \"Private Placement\"). The initial tranche consisted of 4,349,500 CDN$ units (the \"CDN$ Units\") of the Company at a price of CDN$0.13 per CDN$ Unit for aggregate gross proceeds of approximately CDN$565,435. Each CDN$ Unit consists of one common share in the capital of the Company and one Common Share purchase warrant (a \"CDN$ Warrant\"). Each CDN$ Warrant entitles the holder thereof to acquire one common share at a price of CDN$0.16 until the date that is 12 months following closing of the Private Placement. If the closing price of the common shares of the Company on the OTCQB Venture Marketplace is US$0.18 or higher for five consecutive trading days, then the CDN$ Warrant will expire thirty trading days from such fifth consecutive day. The net proceeds of the Private Placement will be used by Silver Bull for general working capital purposes. The Company has agreed to pay a finder's fee on the initial tranche of CDN$5,195 from subscriptions arranged by certain brokers. 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 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 St...