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.