Business
Silver Bull Resources Announces Closing of Initial Tranche of Private Placement for USD$2,830,921, Including USD$1,053,000 From Sprott Managed Fund
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES VANCOUVER, British Columbia, July 26, 2018 (GLOBE NEWSWIRE) -- Silver
About this update from Silver Bull Resources, Inc.
[{"type":"text","content":" NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES VANCOUVER, British Columbia, July 26, 2018 (GLOBE NEWSWIRE) -- Silver Bull Resources, Inc. (TSX:SVB) (OTCQB:SVBL) (“Silver Bull” or the “Company”) is pleased to announce that it has completed the initial tranche of its previously announced private placement (the “Private Placement”). The initial tranche consisted of 21,776,317 units (the “Units”) of the Company at a price of USD$0.13 per Unit for aggregate gross proceeds of USD$2,830,921. Each Unit consisted of one common share in the capital of the Company (a “Common Share”) and one half of one transferable Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to acquire one Common Share at a price of USD$0.16 until the second anniversary of the closing of initial tranche of the Private Placement. Exploration Capital Partners 2005 Limited Partnership, a fund managed by one of the Sprott Group of Companies purchased 8,100,000 Units. The net proceeds of the Private Placement will be used by Silver Bull for general working capital purposes. The Company paid an aggregate cash commission on the initial tranche of USD$184,070, in addition to issuing an aggregate of 1,011,374 non-transferable common share purchase warrants (the “Finders’ Warrants”). Each Finders’ Warrant entitles the holder thereof to acquire one Common Share for USD$0.14 until the second anniversary of the closing of the initial tranche of 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 will be restricted securities for purposes of U.S. securities laws. The securities issued under the Private Placement have not been 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. The Company plans to file a registration statement pursuant to the U.S. Securities Act which, when effe...