Silver Bull Confirms US$9.1 Million Public Offering of Units at $0.40 Is Now Fully Allocated
February 06 2013 - 2:35PM
Marketwired
Silver Bull Resources, Inc. (TSX:SVB)(NYSE MKT:SVBL) ("Silver
Bull") is pleased to announce that its previously announced
offering of up to 22,750,000 units at US$0.40 per unit is fully
allocated and Silver Bull expects to receive gross proceeds from
the offering of US$9.1 million, prior to deducting agency
commissions and offering expenses. Each unit issued in the offering
is 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 NI43-101 resource update report,
metallurgical studies, drilling, 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, the closing of the offering
at a particular size, 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,
Canadian statutory rights to right to withdraw from an agreement to
purchase securities within two business days after receipt of a
prospectus, the fact that the offering is being conducted on a best
efforts basis, 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
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