Silver Bull Announces Pricing of Public Offering of Units
February 06 2013 - 8:29AM
Marketwired
Silver Bull Resources, Inc. (TSX:SVB)(NYSE MKT:SVBL) ("Silver
Bull") announced today that it has priced its previously announced
offering of units. Silver Bull is offering up to 22,750,000 units
at US$0.40 per unit to the public. The gross proceeds from the
offering are expected to be up to approximately US$9.1 million,
prior to deducting agency commissions and estimated offering
expenses. Each unit will be comprised of one share of common stock
of Silver Bull (a "Common Share") and one-half of one Common Share
purchase warrant, with each whole warrant exercisable to purchase
one Common Share, at an exercise price of US$0.55, for a period of
18 months from the closing of this offering. Silver Bull has
granted the agents an over-allotment option, exercisable for a
period of 30 days following the closing, to increase the size of
the offering by up to an aggregate of 2,275,000 units to cover
over-allotments, if any. The offering is expected to close on or
about February 14, 2013, subject to customary closing conditions
and regulatory approvals, including approval of the NYSE MKT and
the Toronto Stock Exchange. PI Financial Corp. and Stifel Nicolaus
Canada Inc. are acting as co-lead placement agents for the
offering, and Roth Capital Partners, LLC is a co-placement agent in
the United States in connection with this offering.
Silver Bull intends to use the net proceeds from the offering
for the preparation of a resource update, metallurgical studies,
commencement of a preliminary economic assessment and general
working capital requirements with respect to advancement of its
Sierra Mojada Silver Project in Mexico.
The offering is being made pursuant to a shelf registration
statement on Form S-3 that Silver Bull has filed with the
Securities and Exchange Commission ("SEC") and an MJDS base shelf
prospectus that has been filed with the security regulatory
authorities in each of the provinces of British Columbia, Alberta
and Ontario (the "Canadian Securities Authorities"), both of which
are effective. Any offer or sale will be made only by means of a
U.S. prospectus supplement or a Canadian MJDS prospectus
supplement. A preliminary U.S. prospectus supplement and a
preliminary Canadian MJDS prospectus supplement containing
important information relating to these securities have been filed
with the SEC and the Canadian Securities Authorities, respectively.
A final U.S. prospectus supplement relating to the offering will be
filed forthwith with the SEC, and a final Canadian MJDS prospectus
supplement relating to the offering will be filed with the Canadian
Securities Authorities.
Copies of the final prospectus supplement and the final Canadian
MJDS prospectus supplement, when available, and the accompanying
base shelf prospectuses relating to these securities may be
obtained from the agents in connection with this offering:
PI Financial Corp.
Attn: Erica Williamson
1900 - 666 Burrard St.
Vancouver, BC V6C 3N1
Phone: 604-664 2900
Fax: 604 664 3660
Email: ewilliamson@pifinancialcorp.com
Stifel Nicolaus Canada Inc.
Attn: Toral Patel
79 Wellington Street West, 21st floor
Toronto, ON M5K 1B7
Phone: 416-815-3082
Fax: 416-815-1621
Email: patelto@stifel.com
Roth Capital Partners, LLC
Attn: Equity Capital Markets
888 San Clemente Drive, Newport Beach, CA 92660
Phone: 800-678-9147
Fax: 949-720-7227
Email: rothecm@roth.com
Electronic copies of the U.S. prospectus supplements and
accompanying prospectus will also be available on the website of
the SEC at http://www.sec.gov. Electronic copies of the Canadian
MJDS prospectus supplements and accompanying prospectus may be
obtained by accessing the System for Electronic Document Analysis
and Retrieval (SEDAR) established by the Canadian Securities
Administrators at http://www.sedar.com.
This press release does not constitute an offer to sell, or the
solicitation of an offer to buy, these securities, nor will there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale is not permitted. The
securities being offered have not been approved or disapproved by
any regulatory authority, nor has any such authority passed upon
the accuracy or adequacy of the prospectus supplements, the
accompanying base shelf prospectuses or the registration
statement.
On behalf of the Board of Directors
Tim Barry, MAusIMM, Chief Executive Officer, President and
Director
Cautionary note regarding forward looking statements
This news release contains forward-looking statements regarding
future events and Silver Bull's future results that are subject to
the safe harbors created under the Securities Act of 1933 (the
"Securities Act") and the Securities Exchange Act of 1934 (the
"Exchange Act") and applicable Canadian securities laws.
Forward-looking statements include statements regarding the
offering, the closing of the offering and the intended use of
proceeds of the offering. These statements are based on current
expectations, estimates, forecasts, and projections about the
market condition, the industry in which Silver Bull operates and
the beliefs and assumptions of Silver Bull's management. Words such
as "expects," "anticipates," "targets," "goals," "projects,"
"intends," "plans," "believes," "seeks," "estimates," "continues,"
"may," variations of such words, and similar expressions, are
intended to identify such forward-looking statements.
Forward-looking statements are subject to a number of assumptions,
risks and uncertainties, many of which are beyond our control,
including such factors as delay in closing, changes in market
conditions, receipt of necessary regulatory and stock exchange
approvals, the availability of sufficient future financing, and
other matters discussed under the caption "Risk Factors" in our
preliminary U.S. prospectus supplement dated and filed with the SEC
on February 5, 2013, our preliminary Canadian MJDS prospectus
supplement dated and filed with the Canadian Securities Authorities
on February 5, 2013 and our Annual Report on Form 10-K for the
fiscal year ended October 31, 2012, as amended, and our other
periodic and current reports filed with the SEC and available on
www.sec.gov and with the Canadian Securities Authorities available
on www.sedar.com. Readers are cautioned that forward-looking
statements are not guarantees of future performance and that actual
results or developments may differ materially from those expressed
or implied in the forward-looking statements. Any forward-looking
statement made by us in this release is based only on information
currently available to us and speaks only as of the date on which
it is made. We undertake no obligation to publicly update any
forward-looking statement, whether written or oral, that may be
made from time to time, whether as a result of new information,
future developments or otherwise.
Contacts: Silver Bull Resources, Inc. Matt Hallaran Investor
Relations +1 604 336 8096info@silverbullresources.com
www.silverbullresources.com
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