Silver BULL Announces Private Placement of US$1.85 Million and Corporate Update
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October 14, 2020 OTCQB: SVBL, TSX: SVB
SILVER BULL ANNOUNCES PRIVATE PLACEMENT OF US$1.85 MILLION
AND CORPORATE UPDATE
VANCOUVER, BC – (October 14, 2020) – Silver Bull Resources, Inc. (TSX: SVB; OTCQB: SVBL) ( “Silver
Bull” or the “Company”) is pleased to announce its intention to complete a private placement (the
“Private Placement”) of up to 3,942,590 units (the “Units”) of the Company at a price o f US$0.47 per
Unit for gross proceeds of approximately US$1,853,000. Each Unit will consist of one share of common
stock in the Company (a “Common Share ”) and one half of one non -transferable Common Share
purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder to acquire one
Common Share at a price of US$0.59 per Common Share until the fifth anniversary of closing of the
Private Placement.
Directors and management of the Company have committed approximately US$545,000 of the Private
Placement. Additionally, clients and affiliates of the Sprott Group of Companies have committed to
participate for a minimum of US$500,000.
The Private Placement is expected to close on or before November 20, 2020, subject to receipt of the
necessary approvals, including approval of the Toronto Stock Exchange (“TSX”).
The Company has agreed to p ay a cash commission of up to 4% of the gross proceeds raised by finders
in the Private Placement , and the net proceeds will be used by Silver Bull for general working capital
purposes.
Tim Barry, Silver Bull President and CEO, stated, “As announced by the Company o n August 17, 2020,
the Company entered into an option agreement to acquire the Beskauga Copper -Gold Project from
Copperbelt AG ( “Copperbelt”). After closing the Private Placement, the Company expects to complete
remaining due diligence to finalize the agre ement with Copperbelt, and then proceed with an initial
geophysics program at site.”
Furthermore, the Company is expecting a final ruling in the lawsuit originally filed in 2014 by the group
Mineros Norteños, which has appealed three prior rulings of the c ourt. The last court ruling in favor of
the Company was delivered in March 2020, but unfortunat ely due to the rapid spread of COVID-19 in
Mexico, the court system in Mexico has been shut down until very recently, which has caused a
significant delay in pot entially settling th is case. We strongly believe the lawsuit filed by Mineros
Norteños is witho ut merit and is largely being driven by the group’s lawyer, who stands to gain a
considerable contingency payment if successful, and a small radical group of app roximately 10 Mineros
Norteños members who do not accurately reflect the sentiment of the much larger Mineros Norteños
group. According to our employees who live in the community, the illegal blockade on the Sierra Mojada
Project is manned by this small gr oup, and it is an attempt to try and force the Company into making a
settlement on a lawsuit th at in our view is frivolous. We remain committed to good faith dialogue with
the Mineros Norteños group, many of whom have worked for Silver Bull, to find a solu tion, but to date
any proposal put forward by Silver Bull has been rejected, and any counter pr oposals from Mineros
Norteños have been completely unrealistic.
The Sierra Mojada Project remains under an option with South32 International Investment Holdings Pty
Ltd and is currently under a force majeure due to the illegal blockade. As soon as we are a ble access the
project, we expect to recommence the drilling program that was halted.
All securities issued and issuable pursuant to the Private Placement are su bject to a hold period under
applicable Canadian securities laws, which will expire four months plus one day from the date of closing
of the Private Placement, and U.S. securities laws, which will expire six months from the date of the
closing of the Private Placement.
This new s release does not constitute an offer to sell or a solicitation of an of fer to buy any of the
securities in the United States of America. The securities have not been and will not be registered under
the United States Securities Act of 1933 (the “1933 Act”) or any state securities laws and may not be
offered or sold within the United States unless registered under the 1933 Act and applicable state
securities laws, or an exemption from such registration is available.
About Silver Bull: Silver Bull is a Vancouver-based mineral exploration company whose shares are listed
on the T SX and trade on the OTCQB in the United States . Silver Bull recently signed an Option
Agreement to acquire the B eskauga Copper-Gold Project, located in North East ern Kazakhstan. This
agreement is subject to on the ground due diligence , which will occur once safe travel to the region is
allowed due to current COVID-19 related restrictions . In addition, Silver Bull owns the Sierra Mojada
Project which is located 150 kilometers north of th e city of Torreon in Coahuila, Mexico, and is highly
prospective for silv er and zinc . Sierra Mojada is currently under a joint venture option with South32
International Investment Holdings Pty Ltd.
On behalf of the Board of Directors
“Tim Barry”
Tim Barry, CPAusIMM
Chief Executive Officer, President and Director
INVESTOR RELATIONS:
+1 604 687 5800
Cautionary note regarding forward looking statements: Certain statements in this news release are
“forward-looking” withi n the meaning of applicable securities legislation. Forward -looking state ments
can generally be identified by the use of forward -looking terminology such as “may”, “will”, “expect”,
“intend”, “estimate”, “anticipate”, “believe”, “cont inue”, “plans” or simi lar terminology. Forward -
looking statements include, but are not limited to, statements relating to the anticipated closing of the
Private Placement, the receipt of approval of the TSX , the expected use of proceeds from the Private
Placement, statements regarding the merit s of and the expected ruling in the lawsuit filed by Min eros
Norteños, and the expected recommencement of the drilling program at the Sierra Mojada Project .
Forward-looking statements are necessarily based upon the current belief, opinions and expectations of
management that, while considered reasonable by the Company, are inherently subject to significant
business, economic, competitive, political and social uncertainties and other contingencies. Many
factors could cause the Company’s actual results to differ materially from those expressed or implied in
the fo rward-looking statements. These factors include, among others, market prices, metal prices,
availability of capital and financing, general economic, market or bu siness conditions, as well as other
risk factors set out under the heading “Risk Factors” in th e Annual Report on Form 10-K for the year
ended October 31, 2019, which is available on SEDAR at www.sedar.com. Investors are cautioned not to
put undue reliance on forward-looking statements due to the inherent uncertainty therein.