VANCOUVER, British Columbia, September 15, 2020 (GLOBE NEWSWIRE) – Silver Bull Resources, Inc. (TSX: SVB; OTCQB: SVBL) (“Silver bull“or the”Company“) announced today that its board of directors has approved a share reverse of 1 for 8 of the issued and outstanding common shares of the company. The reverse stock split will be effective prior to the opening of trading on Friday, September 18, 2020, subject to receipt of all necessary regulatory approvals, including final approval from the Toronto Stock Exchange (“TSX“) and the Nevada Secretary of State (“NSS“).
In the case of the reverse share split, all eight pre-split shares of issued and outstanding common stock of the Company will be converted into one post-split share of common stock, with all fractions of shares rounded to the nearest whole action. No fractional share will be issued as part of the reverse stock split. As part of the reverse stock split, the 300,000,000 authorized pre-split shares of Silver Bull ordinary shares will be proportionally reduced to 37,500,000 authorized post-split shares of Silver Bull ordinary shares. Proportional adjustments will also be made to the Company’s outstanding stock options.
Due to the reverse split of shares, the percentage of participation of each shareholder in the Company and the proportional voting right will remain practically unchanged, except for minor adjustments which may have resulted from the rounding of fractions of shares into shares. whole. In addition, the rights and privileges of the holders of ordinary shares of Silver Bull will not be affected by the reverse stock split.
The reverse stock split will be effective at 12:01 a.m. PST on September 18, 2020 and the common shares of Silver Bull will begin trading on the TSX and OTCQB following the split at the opening of the market. meeting on Friday, September 18, 2020, subject to obtaining all necessary regulatory approvals, including TSX and NSS approval. The company’s ticker symbol on the OTCQB will remain unchanged, although a “D” will be placed at the end of the SVBL ticker symbol (SVBLD) for 20 business days following the reverse stock split. The common shares of Silver Bull will also be identified under a new CUSIP number (827458209).
Any shareholder of Silver Bull ordinary shares who holds their shares in book-entry or other electronic form does not need to take any action, as the effect of the reverse share split will be automatically reflected in its account. Any shareholder of Silver Bull ordinary shares who holds their shares in certificate form will receive by mail a letter of transmittal providing instructions on how to exchange their existing share certificate for a share certificate with a stamp. indicating the new CUSIP number.
About Silver Bull: Silver Bull is a mining exploration company whose shares are listed on the Toronto Stock Exchange and traded on the OTCQB in the United States, and is based in Vancouver, Canada. Silver Bull recently signed a purchase option agreement for the “Beskauga” copper-gold project in Kazakhstan. This agreement is still subject to due diligence on the ground when safe travel due to COVID in the region permits. In addition, Silver Bull owns the Sierra Mojada project which is located 150 kilometers north of the town of Torreon in Coahuila, Mexico, and shows great promise for silver and zinc and is currently undergoing a joint venture option with South32 Ltd.
About the Sierra Mojada deposit: Sierra Mojada is an open pitable oxide deposit with a “global” resource measured and reported in accordance with NI43-101 of 70.4 million tonnes grading 3.4% zinc and 38.6 g / t silver to a threshold of $ 13.50 NSR yielding 5.35 billion pounds of zinc and 87.4 million ounces of silver. The “aggregate” resource includes a measured and indicated “high grade zinc zone” of 13.5 million tonnes with an average grade of 11.2% zinc at a 6% cutoff, resulting in 3.336 billion pounds of zinc, and a measured and indicated “high” silver grade zone “of 15.2 million tonnes with an average grade of 114.9 g / t silver at a threshold of 50 g / t giving 56.3 million ounces of silver Mineralization remains open in easterly, westerly and northerly directions Approximately 60% of the current 3.2 kilometer orebody is at or near surface before plunging to approximately 6 degrees to the east.
The technical information in this press release has been reviewed and approved by Tim Barry, a Chartered Professional Geologist (CPAusIMM) and a Qualified Person for purposes of NI 43-101.
On behalf of the board of directors
Tim Barry, CPAusIMM
Chief Executive Officer, President and Director
RELATIONS WITH INVESTORS:
+1 604 687 5800
Cautionary Note to U.S. Investors Regarding Estimates of Measured, Indicated and Inferred Resources: This press release uses the terms “measured resources”, “indicated resources” and “inferred resources” which are defined and must be disclosed by NI 43-101. We advise US investors that these conditions are not recognized by the United States Securities and Exchange Commission (the “SEC”). The estimation of measured, indicated and inferred resources involves greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves. US investors are cautioned not to assume that Measured and Indicated Mineral Resources will be converted into reserves. The estimation of inferred resources involves much greater uncertainty as to their existence and economic viability than the estimation of other categories of resources. U.S. investors are cautioned not to assume that estimates of Inferred Mineral Resources exist, that they are economically mineable, or that they will be transformed into Measured or Indicated Mineral Resources. Under Canadian securities laws, estimates of inferred mineral resources may not form the basis of a feasibility study or other economic studies.
Disclosure of “ounces contained” in a resource is permitted under Canadian regulations, but the SEC normally only allows issuers to report mineralization that does not constitute “reserves” by SEC standards such as tonnage and quantity. content in place without reference to units of measurement. Accordingly, the information contained in this press release may not be comparable to similar information made public by US companies that are not subject to NI 43-101.
Caution regarding forward-looking statements: This press release contains forward-looking statements regarding future events and future results of Silver Bull which are subject to the security rules created under the US Private Securities Litigation Reform Act of 1995, the Securities Act of 1933, as amended, and of the Securities Exchange Act of 1934, as amended, and applicable Canadian securities laws. Forward-looking statements include, among other things, statements relating to the timing and other aspects of the proposed stock split. These statements are based on the current expectations, beliefs and assumptions of Silver Bull management. Words such as “expects”, “anticipates”, “targets”, “objectives”, “projects”, “intends”, “plans”, “believes”, “seeks”, “estimates”, ” continues “,” may, “Variations in these words, as well as expressions and similar references to future periods, are intended to identify such forward-looking statements. Forward-looking statements are subject to a number of assumptions, risks and assumptions. uncertainties, many of which are beyond our control, including factors such as obtaining the required approvals from the Toronto Stock Exchange, Financial Industry Regulatory Authority and others to perform reverse stock split and other matters discussed under the heading “Risk Factors” in our annual report on Form 10-K for the year ended October 31, 2019, our quarterly reports on Form 10-Q for the interim periods ended January 31, 2020 and April 30, 2020 , and our other periodic and current reports filed with from the SEC and available at www.sec.gov and from the Canadian securities commissions available at www.sedar.com. Readers are cautioned that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those expressed or implied in forward-looking statements. Any forward-looking statements made by us in this press release are based solely on information currently available to us and speak only as of the date on which they are made. We assume no obligation to publicly update any forward-looking statements, written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
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