, BC–(Marketwired – May 20, 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 that it has completed the initial tranche of its previously announced non-brokered private placement (the “Private Placement“). The initial tranche consisted of 4,349,500 CDN$ units (the “CDN$ Units“) of the Company at a price of CDN$0.13 per CDN$ Unit for aggregate gross proceeds of approximately CDN$565,435. Each CDN$ Unit consists of one common share in the capital of the Company and one Common Share purchase warrant (a “CDN$ Warrant“). Each CDN$ Warrant entitles 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$0.18 or higher for five consecutive trading days, then the CDN$ Warrant will expire thirty trading days from such fifth consecutive day.