Business
Silver Bull Announces Private Placement of CDN$565,500
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 12, 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 - May 12, 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 its intention to complete a non-brokered private placement (the \"Private Placement\") of up to 10,000,000 units (the \"Units\") of the Company at a price of US$0.10 (the \"US$ Units\") or CDN$0.13 (the \"CDN$ Units\") per Unit. Each Unit will consist of one common share in the capital of the Company and one Common Share purchase warrant (a \"Warrant\"). Each Warrant shall entitle the holder thereof to acquire one common share at a price of US$0.12 for the US$ Units and CDN$0.16 for the CDN$ Units 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$0.18 or higher for five consecutive trading days, then the Warrant will expire thirty trading days from such fifth consecutive day. The Company has currently received a commitment for 4,350,000 CDN$ Units, for gross proceeds of CDN$565,500. This first tranche of the Private Placement is expected to close on or before May 18, 2016, subject to receipt of the necessary approvals, including approval of the Toronto Stock Exchange. 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$5,200 from subscriptions arranged by certain brokers related to the commitment above. The Company may increase the size of the Private Placement to 15,000,000 Units. Any securities issued pursuant to the Private Placement will be 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 under applicable U.S. securities laws, which will expire six months from the date of the closing of the Private Placement. The securities to be 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 registr...