Silver Bull Announces Private Placement of US$3 Million

About this update from Silver Bull Resources, Inc.

[{"type":"text","content":" NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES VANCOUVER, British Columbia, June 26, 2018 (GLOBE NEWSWIRE) -- Silver Bull Resources, Inc. (TSX:SVB) (OTCQB:SVBL) (“Silver Bull” or the “Company”) is pleased to announce its intention to complete a private placement (the “Private Placement”) of 23,100,000 units (the “Units”) of the Company at a price of US$0.13 per Unit for gross proceeds of US$3,003,000 (the “Offering”). Each Unit will consist of one common share of stock in the Company (a “Common Share”) and one half of one non-transferable Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder to acquire one Common Share at a price of US$0.16 until the second anniversary of closing of the Private Placement. Clients and affiliates of the Sprott Group of Companies are expected to participate in the Offering. The Private Placement is expected to close on or before July 24, 2018, subject to receipt of the necessary approvals, including approval of the Toronto Stock Exchange (“TSX”). 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 cash commission of 7% of the gross proceeds raised by finders in the Private Placement and issue such finders that number of warrants (“Finders’ Warrants”) as is equal to 5% of the aggregate number of the Units sold by the finders, subject to approval of the TSX. Each Finders’ Warrant entitles the holder to acquire one Common Share for US$0.14 until the second anniversary of closing of the Private Placement. Tim Barry, Silver Bull President and CEO, stated, “As announced by the Company on June 4, 2018, the Company granted South32 Limited (ASX:S32) (JSE:S32) (LSE:S32) an option to form a 70/30 joint venture with respect to its Sierra Mojada Project. Upon the closing of the Private Placement, the Company expects to be fully funded for the initial four year option period under the option agreement, provided that South32 maintains the option in good standing by advancing the requisite funding pursuant to the terms of the option agreement.” All securities issued and issuable 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 th...

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