VANCOUVER, British Columbia,
Dec. 2, 2011 /PRNewswire/
-- Silver Bull Resources, Inc. (AMEX: SVBL, TSX: SVB) ("Silver
Bull") today announced that it has received commitments from
various investors for the sale of 15,050,000 shares of common stock
at a price of $US 0.50 per share,
resulting in gross proceeds of $US
7,525,000 including the sale of 10,000,000 shares for gross
proceeds of $US 5,000,000 to Coeur
d'Alene Mines Corporation (NYSE: CDE, TSX: CDM) ("Coeur d'Alene")
and 1,055,000 shares to Silver Bull management and directors for
gross proceeds of $US 527,500.
The transaction is being completed as a registered direct
offering, and no underwriters or placement agents were used in
connection with the offering. Silver Bull has filed a
prospectus supplement to its currently effective shelf registration
statement with the U.S. Securities Exchange Commission ("SEC") and
a prospectus supplement to its shelf prospectus with Canadian
securities regulatory authorities in the provinces of Alberta, British
Columbia and Ontario.
Silver Bull intends to use the net proceeds from this offering
for drilling, metallurgical studies, and other geological work at
the Sierra Mojada project, as well
as payment of amounts due under option agreements to acquire
certain Sierra Mojada concessions,
and general corporate purposes.
The offering is expected to close on or about December 9, 2011 and is subject to certain
conditions including, but not limited to, the receipt of all
necessary approvals, including the approval of the NYSE Amex and
the Toronto Stock Exchange.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities of Silver Bull in
this offering. There shall not be any offer, solicitation of
an offer to buy, or sale of securities in any state or jurisdiction
which such an offering, solicitation, or sale would be unlawful
prior to registration or qualification under the securities laws of
any such state or jurisdiction. Any offering will be made
only by means of a prospectus, including a prospectus supplement,
forming a part of the effective registration statement.
Tim Barry, President and CEO of
Silver Bull states, "We are very pleased to close this financing
and strengthen our relationship with Coeur d'Alene as well as other
investors. This transaction is extremely positive for the company
moving forward and will allow us to continue aggressively
developing the Sierra Mojada
project in Mexico."
About Silver Bull: Silver Bull is a US registered mineral
exploration company listed on both the NYSE Amex and TSX stock
exchanges and based out of Vancouver,
Canada. The flag ship "Sierra
Mojada" project is located 150 kilometers north of the city
of Torreon in Coahuila, Mexico and is highly prospective for
silver and zinc. Silver Bull also owns three mineral exploration
licences in Gabon, West Africa, two of which are currently under
joint venture with AngloGold Ashanti. These licences are
prospective for gold, manganese, and iron ore.
On behalf of the Board of Directors
"Tim Barry"
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 closing date of the offering and anticipated use of
proceeds. These statements are based on current
expectations, estimates, forecasts, and projections about Silver
Bull's exploration projects, 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 the results of exploration
activities and whether the results continue to support continued
exploration activities, unexpected variations in ore grade, types
and metallurgy, volatility and level of commodity prices, the
availability of sufficient future financing, and other matters
discussed under the caption "Risk Factors" in our Annual Report on
Form 10-K/A for the fiscal year ended October 31, 2010 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.
SOURCE Silver Bull Resources, Inc.