Silver Bull Announces Closing of Public Offering of Units
February 14 2013 - 8:15AM
Marketwired
Silver Bull Resources, Inc. (TSX:SVB)(NYSE MKT:SVBL) ("Silver
Bull") announced today that it has closed its previously announced
offering of units (the "Offering"). A total of 22,912,500 units
were sold at a price of US$0.40 per unit. The Offering was fully
subscribed and the agents partially exercised their over-allotment
option. Each unit 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 received
gross proceeds from the Offering, before deducting commissions to
the agents and estimated offering expenses payable by Silver Bull,
of approximately US$9.2 million. The remaining US$0.8 million
over-allotment option is exercisable by the agents for a period of
30 days following the closing of the Offering.
PI Financial Corp. and Stifel Nicolaus Canada Inc. acted as
co-lead placement agents for the Offering, and Roth Capital
Partners, LLC was 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,
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 was 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
was 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, and only by
means of a U.S. prospectus supplement or a Canadian MJDS prospectus
supplement. A final U.S. prospectus supplement relating to the
Offering was filed with the SEC, and a final Canadian MJDS
prospectus supplement relating to the Offering was filed with the
Canadian Securities Authorities.
Electronic copies of the U.S. prospectus supplements and
accompanying prospectus are 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
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 discussed under
the caption "Risk Factors" in our final U.S. prospectus supplement
dated and filed with the SEC on February 6, 2013, our final
Canadian MJDS prospectus supplement dated and filed with the
Canadian Securities Authorities on February 6, 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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