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Silver Bull to Complete CDN$464,100 Third Tranche of Private Placement, for Cumulative Gross Proceeds of CDN$1,464,100
VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 27, 2016) - NOT FOR DISTRIBUTION TO U.S. NEWSWIRE 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 - June 27, 2016) - NOT FOR DISTRIBUTION TO U.S. NEWSWIRE 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 the third tranche of the non-brokered private placement (the \"Private Placement\") of units (the \"Units\") of the Company announced on May 12, 2016. The Units will be issued at a price of CDN$0.13 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 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 thirty 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 Company expects to issue 3,570,000 Units in the third tranche of the Private Placement, for gross proceeds of CDN$464,100 on or about Wednesday, June 29, 2016. 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$6,240 in connection with 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 exemp...