SVBL Silver Bull Resources Inc (QB)

On September 15, 2020, Silver Bull Resources, Inc. (“Silver Bull” or the “Company”) filed a certificate of change with the Secretary of State of the State of Nevada to effect a one-for-eight reverse stock split of the shares of Silver Bull common stock (the “Reverse Stock Split”). The Reverse Stock Split and ratio were previously approved by the Company’s board of directors.

As a result of the Reverse Stock Split, every eight pre-split shares of issued and outstanding common stock of the Company were combined and reclassified into one post-split share of common stock of the Company. No fractional shares were issued in connection with the Reverse Stock Split. Any fractional share that otherwise would have been issued as a result of the Reverse Stock Split was rounded up to the nearest whole share. In connection with the Reverse Stock Split, the 300,000,000 pre-split authorized shares of Silver Bull common stock were proportionately reduced to 37,500,000 post-split authorized shares of Silver Bull common stock.

The Reverse Stock Split became effective as of 12:01 a.m. Pacific Daylight Time on September 18, 2020, and Silver Bull common stock began trading on the Toronto Stock Exchange and the OTCQB on a post-split basis at the open of business on September 18, 2020. The post-split common stock of the Company has a new CUSIP number (827458209), but the par value and other terms of the common stock are not affected by the Reverse Stock Split.

As a result of the Reverse Stock Split, each shareholder’s percentage ownership interest in the Company and proportional voting power was virtually unchanged, except for minor adjustments that may have resulted from rounding fractional shares into whole shares. The rights and privileges of the holders of Silver Bull common stock are unaffected by the Reverse Stock Split. As a result of the Reverse Stock Split, all options outstanding immediately prior to the Reverse Stock Split were adjusted by dividing the number of shares of common stock into which the options are exercisable by eight and multiplying the exercise price thereof by eight, all in accordance with the terms of the plans, agreements or arrangements governing such options.

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.

Under Nevada law, because the Reverse Stock Split was approved by the board of directors of the Company in accordance with Section 78.207 of the Nevada Revised Statutes (“NRS”), no shareholder vote was required. Pursuant to NRS Section 78.207, a company may effect a reverse stock split without a shareholder vote if (i) both the number of authorized shares of the common stock and the number of issued and outstanding shares of common stock are proportionally reduced as a result of the reverse stock split, (ii) the reverse stock split does not adversely affect any other class of stock of the Company and (iii) the Company does not pay money or issue scrip to shareholders who would otherwise be entitled to receive a fractional share as a result of the reverse stock split. As described herein, the Reverse Stock Split complies with these requirements.

A copy of the certificate of change is attached hereto as Exhibit 3.1 to this Current Report on Form 8-K and is incorporated herein by reference.