Business
Silver Bull Announces Closing of Second Tranche of Private Placement for Aggregate Proceeds of CDN$1,000,000
VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 6, 2016) - NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Silver Bul
About this update from Silver Bull Resources, Inc.
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 6, 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 second tranche of the non-brokered private placement (the \"Private Placement\") of units (the \"Units\") of the Company announced on May 12, 2016. Under the second tranche of the Private Placement, Silver Bull issued 3,342,810 Units at a price of CDN$0.13 per Unit for aggregate gross proceeds of CDN$434,565. Each Unit consists of one common share in the capital of the Company 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 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 Warrant will expire 30 trading days from such fifth consecutive day. Under the first tranche of the Private Placement, which closed May 19, 2016, Silver Bull issued 4,349,500 Units for aggregate gross proceeds of CDN$565,435. The Company is considering completing another tranche of the Private Placement. 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 of CDN$13,000 in connection with a subscription in the second tranche. One insider of the Company acquired 192,810 Units in 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 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 s...