Silver Bull Announces Closing of Initial Tranche of Private Placement

Silver Bull Resources (TSX:SVB) has announced it has completed the initial tranche of its previously announced non-brokered private placement.  The initial tranche consisted of 4,349,500 CDN$ units at a price of CDN$0.13 per unit, for aggregate gross proceeds of roughly CDN$565,435.
As quoted in the press release:

Each CDN$ Unit consists of one common share in the capital of the Company and one Common Share purchase warrant (a “CDN$ Warrant“). Each CDN$ Warrant entitles the holder thereof to acquire one common share at a price of CDN$0.16 until the date that is 12 months following closing of the Private Placement. If the closing price of the common shares of the Company on the OTCQB Venture Marketplace is US$0.18 or higher for five consecutive trading days, then the CDN$ Warrant will expire thirty trading days from such fifth consecutive day.
The net proceeds of the Private Placement will be used by Silver Bull for general working capital purposes. The Company has agreed to pay a finder’s fee on the initial tranche of CDN$5,195 from subscriptions arranged by certain brokers.
All securities issued pursuant to the Private Placement are subject 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.

Click here to read the full press release.