Silver Bull to Complete Private Placement of $1 Million

Silver Bull (TSX:SVB) has announced its intention to complete the second and final tranche of the non-brokered private placement announced May 12, 2016.
As quoted in the press release:

The Units will be issued at a price of CDN$0.13 per Unit. Each Unit will consist of one common share in the capital of the Company and one Common Share purchase warrant (a “Warrant“). Each Warrant shall entitle 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 Warrant will expire thirty trading days from such fifth consecutive day.
Under the first tranche of the Private Placement, which closed May 19, 2016, Silver Bull issued 4,349,500 Units for aggregate gross proceeds of CDN$565,435.
The Company expects to issue 3,342,810 Units in the second tranche of the Private Placement, for gross proceeds of CDN$434,565 on or about Friday, June 3, 2016.
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 of CDN$13,000 in connection with a subscription in the second tranche.
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.