VANCOUVER, BRITISH COLUMBIA–(Marketwired – July 14, 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 its intention to complete a private placement (the “Private Placement“) of up to 4,340,000 units (the “Units“) of the Company at a price of CDN$0.15 per Unit. Each Unit will consist of one common share in the capital of the Company (a “Common Share“) and one Common Share purchase warrant (a “Warrant“). Each Warrant entitles the holder thereof to acquire one Common Share at a price of CDN$0.16 until the date that is three years following closing of the Private Placement. If, commencing on the date that is four months after the closing of the Private Placement, the closing price of the Common Shares on the TSX is higher than CDN$0.30 for 20 consecutive trading days, then on the 20th consecutive trading day (the “Acceleration Trigger Date“) the expiry date of the Warrants may be accelerated to the 20th trading day after the Acceleration Trigger Date by the issuance, within three trading days of the Acceleration Trigger Date, of a news release announcing such acceleration.
The Company has currently received a commitment for 4,340,000 Units, for gross proceeds of CDN$651,000. Included in this is a commitment from Exploration Capital Partners 2009 Limited Partnership, an affiliate of the Sprott Group of Companies (“Sprott“) for 3,165,000 Units. The Private Placement is expected to close on or before July 19, 2016, subject to receipt of the necessary approvals, including approval of the TSX.