Business
Silver Bull Announces Closing of Private Placement of CDN$651,000, Including Purchase From Sprott for CDN$474,750
VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 21, 2016) - NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Silver Bu
About this update from Silver Bull Resources, Inc.
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 21, 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 private placement (the \"Private Placement\") of units (the \"Units\") of the Company announced on July 14, 2016. Under the Private Placement, Silver Bull issued 4,340,000 units at a price of CDN$0.15 per Unit for aggregate gross proceeds of CDN$651,000. Each Unit consists 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$0.16 until the date that is three years following closing of the Private Placement. If, commencing on the date that is four months after the closing of the Private Placement, the closing price of the Common Shares on the TSX is higher than CDN$0.30 for 20 consecutive trading days, then on the 20th consecutive trading day (the \"Acceleration Trigger Date\") the expiry date of the Warrants may be accelerated to the 20th trading day after the Acceleration Trigger Date by the issuance, within three trading days of the Acceleration Trigger Date, of a news release announcing such acceleration. Exploration Capital Partners 2009 Limited Partnership, an affiliate of the Sprott Group of Companies (\"Sprott\") purchased 3,165,000 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 has agreed to pay an aggregate cash commission of CDN$30,060, in addition to an aggregate of 200,400 non-transferable common share purchase warrants (the \"Placement Agent's Warrants\") to a broker. Each Placement Agent's Warrant entitles the holder thereof to acquire one Common Share until the date that is two years following closing of the Private Placement at CDN$0.205 and is subject to the acceleration provision noted above. Tim Barry, Silver Bull President and CEO, stated, \"We are very pleased to close this private placement and have an astute group such as Sprott as an investor in the Company. We plan to use the proceeds from this financing to drill a number of very promising sul...