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Silver Bull Resources Announces Private Placement of US$1.85 Million and Corporate Update
VANCOUVER, British Columbia, Oct. 14, 2020 (GLOBE NEWSWIRE) -- Silver Bull Resources, Inc. (TSX: SVB; OTCQB: SVBL) (“Silver Bull” or the “Company”) is pleased t
About this update from Silver Bull Resources, Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, Oct. 14, 2020 (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 up to 3,942,590 units (the “Units”) of the Company at a price of US$0.47 per Unit for gross proceeds of approximately US$1,853,000. Each Unit will consist of one share of common 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$0.59 per Common Share until the fifth anniversary of closing of the Private Placement. Directors and management of the Company have committed approximately US$545,000 of the Private Placement. Additionally, clients and affiliates of the Sprott Group of Companies have committed to participate for a minimum of US$500,000. The Private Placement is expected to close on or before November 20, 2020, subject to receipt of the necessary approvals, including approval of the Toronto Stock Exchange (“TSX”). The Company has agreed to pay a cash commission of up to 4% of the gross proceeds raised by finders in the Private Placement, and the net proceeds will be used by Silver Bull for general working capital purposes. Tim Barry, Silver Bull President and CEO, stated, “As announced by the Company on August 17, 2020, the Company entered into an option agreement to acquire the Beskauga Copper-Gold Project from Copperbelt AG (“Copperbelt”). After closing the Private Placement, the Company expects to complete remaining due diligence to finalize the agreement with Copperbelt, and then proceed with an initial geophysics program at site.” Furthermore, the Company is expecting a final ruling in the lawsuit originally filed in 2014 by the group Mineros Norteños, which has appealed three prior rulings of the court. The last court ruling in favor of the Company was delivered in March 2020, but unfortunately due to the rapid spread of COVID-19 in Mexico, the court system in Mexico has been shut down until very recently, which has caused a significant delay in potentially settling this case. We strongly believe the lawsuit filed by Mineros Norteños is without merit and is largely being driven by the group’s lawyer, wh...