Business
Silver Bull Announces Closing of Third Tranche of Private Placement for Cumulative Gross Proceeds of CDN$1,477,100
VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 30, 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 - June 30, 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 third and final tranche of the non-brokered private placement (the \"Private Placement\") of units (the \"Units\") of the Company announced on May 12, 2016. Under the third tranche of the Private Placement, Silver Bull issued 3,670,000 Units at a price of CDN$0.13 per Unit for aggregate gross proceeds of CDN$477,100. 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 and second tranche of the Private Placement, which closed May 19, 2016 and June 3, 2016, Silver Bull issued a total of 7,692,310 Units for aggregate gross proceeds of CDN$1,000,000. 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$7,280 in connection with certain subscriptions in the third tranche. 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 ...