Silver Bull Announces Non-Brokered Private Placement

VANCOUVER, British Columbia, Oct. 16, 2023 (GLOBE NEWSWIRE) -- Silver Bull Resources, Inc. (“Silver Bull” or the “Company”) is pleased to announce that, subject to approval of the Toronto Stock Exchange (the “Exchange”), it intends to complete a non‑brokered private placement (the “Private Placement”) of up to 11,685,000 units (the “Units”) at a price of C$0.11 per Unit, for gross proceeds of up to $1,285,350.

Each Unit will consist of one (1) share of common stock of the Company (a “Common Share”) and one half of one (1/2) common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant shall be exercisable to acquire one (1) additional Common Share at an exercise price of C$0.13 for a period of five (5) years from the date of the closing date of the Private Placement.

Finder’s fees may be payable in accordance with Exchange policies. The Company anticipates using the proceeds from the Private Placement for general working capital and corporate purposes, including investigation and potential acquisition of additional exploration projects.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”), the securities will be offered for sale to purchasers resident in Canada and/or other qualifying jurisdictions pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the “Listed Issuer Financing Exemption”), as well as other available exemptions under NI 45-106. The securities to be issued pursuant to the Listed Issuer Financing Exemption will not be subject to a hold period pursuant to applicable Canadian securities laws, except for the securities to be issued to directors, officers, promoters, consultants, insiders and other persons whose shares will be subject to the hold period required by the policies of the Exchange. Securities to be issued pursuant to the other available exemptions are subject to a hold period. Any securities to be issued pursuant to the Private Placement will be subject to a hold period under applicable U.S. securities laws, which will expire six months from the date of the closing of the Private Placement.