VANCOUVER, British Columbia, Dec. 6, 2011 /PRNewswire/ -- Silver Bull Resources, Inc. (AMEX: SVBL, TSX: SVB) ("Silver Bull") is pleased to announce that it has received commitments from various investors for the sale of 6,000,000 shares of common stock at a price of $US 0.50 per share ("the Offering) resulting in gross proceeds of $US 3,000,000. These commitments are in addition to the commitments received 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 as described in the Silver Bull news release dated December 2, 2011.The transaction is being completed as a registered direct offering, with a 6% finder's fee totaling $US 103,500 to be paid to Canadian finders with respect to certain non-U.S. purchasers who were introduced by them. No finder's fee, placement agent fees or underwriter fees or commissions are being paid with respect to any purchases by U.S. investors in this 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 the Offering for continued 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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV