Silver Bull Announces Closing of Non-Brokered Private Placement Pursuant to Listed Issuer Financing Exemption

VANCOUVER, British Columbia, Oct. 31, 2023 (GLOBE NEWSWIRE) -- Silver Bull Resources, Inc. (“Silver Bull” or the “Company”) is pleased to announce that, further to its news release of October 16, 2023, subject to approval of the Toronto Stock Exchange (the “Exchange”), it has closed its non‑brokered private placement (the “Private Placement”), issuing a fully subscribed 11,685,000 units (the “Units”) at a price of C$0.11 per Unit, for aggregate gross proceeds of $1,285,350.

Each Unit consists 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 is 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 closing date of the Private Placement.

The Company paid an aggregate of C$19,656.30 in finder’s fees to PI Financial Corp, Research Capital Corporation, and Haywood Securities Inc. 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 were 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 issued pursuant to the Listed Issuer Financing Exemption are not subject to a hold period pursuant to applicable Canadian securities laws but may be subject to hold periods and legended in accordance with the requirements of the Exchange, if applicable. Securities 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.

The securities issued under the Private Placement have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom.