Silver Bull Resources, Inc. (TSX: SVB; OTCQB: SVBL)
("
Silver Bull" or the "
Company")
announced today that its board of directors has approved a 1-for-8
reverse stock split of the Company's issued and outstanding common
stock. The reverse stock split will be effective prior to the stock
market opening on Friday, September 18, 2020, subject to
receipt of all necessary regulatory approvals, including the final
approval of the Toronto Stock Exchange ("
TSX") and
the Nevada Secretary of State ("
NSS").
In the reverse stock split, every eight
pre-split shares of issued and outstanding common stock of the
Company will be converted into one post-split share of common
stock, with all fractional shares being rounded up to the nearest
whole share. No fractional shares will be issued in connection with
the reverse stock split. In connection with the reverse stock
split, the 300,000,000 pre-split authorized shares of Silver Bull
common stock will be proportionately reduced to 37,500,000
post-split authorized shares of Silver Bull common stock.
Proportional adjustments will also be made to the Company's
outstanding stock options.
As a result of the reverse stock split, each
shareholder's percentage ownership interest in the Company and
proportional voting power will remain virtually unchanged, except
for minor adjustments that may have resulted from rounding
fractional shares into whole shares. In addition, the rights and
privileges of the holders of Silver Bull common stock will be
unaffected by the reverse stock split.
The reverse stock split will become effective as
of 12:01 a.m. PT on September 18, 2020, and Silver Bull common
stock will begin trading on the TSX and the OTCQB on a post-split
basis at the open of trading on Friday, September 18, 2020,
subject to receipt of all necessary regulatory approvals, including
the approval of the TSX and the NSS. The Company's ticker symbol on
the OTCQB will remain unchanged, although a "D" will be placed at
the end of the SVBL ticker symbol (SVBLD) for 20 business days
following the reverse stock split. Silver Bull common stock will
also be identified under a new CUSIP number (827458209).
Any shareholder of Silver Bull common stock who
holds its shares in book-entry or other electronic form does not
need to take any action, as the effect of the reverse stock split
will automatically be reflected in its account. Any shareholder of
Silver Bull common stock who hold its shares in certificated form
will be mailed a letter of transmittal providing instructions for
how to exchange its existing stock certificate for a stock
certificate with a stamp indicating the new CUSIP number.
About Silver Bull: Silver Bull
is a mineral exploration company whose shares are listed on the
Toronto Stock Exchange and trade on the OTCQB in the United States,
and is based out of Vancouver, Canada. Silver Bull recently signed
an option to purchase agreement for the "Beskauga" copper-gold
project in Kazakhstan. This agreement is still subject to on the
ground due diligence when safe travel due to COVID to the region
allows. In addition, Silver Bull owns the Sierra Mojada Project
which is located 150 kilometers north of the city of Torreon in
Coahuila, Mexico, and is highly prospective for silver and zinc and
is currently under a joint venture option with South32 Ltd.
About the Sierra Mojada
deposit: Sierra Mojada is an open pittable oxide deposit
with a NI43-101 compliant measured and indicated "global" resource
of 70.4 million tonnes grading 3.4% zinc and 38.6g/t silver at a
$13.50 NSR cutoff giving 5.35 billion pounds of zinc and 87.4
million ounces of silver. Included within the "global" resource is
a measured and indicated "high grade zinc zone" of 13.5 million
tonnes with an average grade of 11.2% zinc at a 6% cutoff, giving
3.336 billion pounds of zinc, and a measured and indicated "high
grade silver zone" of 15.2 million tonnes with an average grade of
114.9g/t silver at a 50g/t cutoff giving 56.3 million ounces of
silver. Mineralization remains open in the east, west, and
northerly directions. Approximately 60% of the current 3.2
kilometer mineralized body is at or near surface before dipping at
around 6 degrees to the east.
The technical information of this news release
has been reviewed and approved by Tim Barry, a Chartered
Professional Geologist (CPAusIMM), and a qualified person for the
purposes of National Instrument 43-101.
On behalf of the Board of Directors "Tim Barry"
Tim Barry, CPAusIMM Chief Executive Officer,
President and Director
INVESTOR RELATIONS: +1 604 687 5800
info@silverbullresources.com
Cautionary Note to U.S. Investors
concerning estimates of Measured, Indicated, and Inferred
Resources: This news release uses the terms "measured
resources," "indicated resources," and "inferred resources" which
are defined in, and required to be disclosed by, NI 43-101. We
advise U.S. investors that these terms are not recognized by the
United States Securities and Exchange Commission (the "SEC"). The
estimation of measured, indicated and inferred resources involves
greater uncertainty as to their existence and economic feasibility
than the estimation of proven and probable reserves. U.S. investors
are cautioned not to assume that measured and indicated mineral
resources will be converted into reserves. The estimation of
inferred resources involves far greater uncertainty as to their
existence and economic viability than the estimation of other
categories of resources. U.S. investors are cautioned not to assume
that estimates of inferred mineral resources exist, are
economically minable, or will be upgraded into measured or
indicated mineral resources. Under Canadian securities laws,
estimates of inferred mineral resources may not form the basis of
feasibility or other economic studies.
Disclosure of "contained ounces" in a resource
is permitted disclosure under Canadian regulations, however the SEC
normally only permits issuers to report mineralization that does
not constitute "reserves" by SEC standards as in place tonnage and
grade without reference to unit measures. Accordingly, the
information contained in this news release may not be comparable to
similar information made public by U.S. companies that are not
subject NI 43-101.
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 U.S. Private Securities Litigation Reform Act of 1995,
the Securities Act of 1933, as amended, and the Securities Exchange
Act of 1934, as amended, and applicable Canadian securities laws.
Forward-looking statements include, among others, statements
relating to the timing and other aspects of the proposed reverse
stock split. These statements are based on current expectations,
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 and
references to future periods, 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 obtaining the
requisite approvals from the Toronto Stock Exchange, the Financial
Industry Regulatory Authority and others to effectuate the reverse
stock split and other matters discussed under the caption "Risk
Factors" in our Annual Report on Form 10-K for the fiscal year
ended October 31, 2019, our Quarterly Reports on Form 10-Q for the
interim periods ended January 31, 2020 and April 30, 2020, and our
other periodic and current reports filed with the SEC and available
on www.sec.gov and with the Canadian securities commissions
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.
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