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Silver Bull Resources, Inc. issues news about its mineral-resource business and its Sierra Mojada Project in Mexico. Recurring updates cover the company's international arbitration claim against Mexico under USMCA and NAFTA before ICSID, including claim submissions, case funding, claim-related retention arrangements and the asserted impact of project access restrictions. Company news also includes annual shareholder meeting results, director elections, auditor approvals, equity-plan matters and other governance actions for its OTCQB- and TSX-traded shares.
Silver Bull Resources, Inc. (OTCQB: SVBL) announced a share distribution plan for its shareholders to receive shares in Arras Minerals Corp. Shareholders on record as of September 10, 2021, will receive one Arras share for each Silver Bull share held, with the distribution occurring on September 24, 2021. Post-distribution, Silver Bull will own 4% of Arras, while shareholders will hold approximately 84%. This separation aims to enhance value by allowing each company to focus on distinct assets and markets, particularly benefiting the Beskauga project in Kazakhstan and the Sierra Mojada project in Mexico.
On June 28, 2021, Silver Bull Resources (TSX: SVB; OTCQB: SVBL) completed a private placement of 500,000 shares at C$1.00 each, raising gross proceeds of C$500,000. No fees were paid to agents or finders. The funds will be used for general working capital. All issued securities are subject to a four-month hold period under Canadian securities law and remain unregistered under U.S. securities legislation. Additionally, Olympia Trust Company has replaced Equiniti Trust Company as the registrar and transfer agent.
Silver Bull Resources (OTCQB: SVBL, TSX: SVB) plans to distribute approximately 34.2 million shares of its subsidiary, Arras Minerals Corp., to its shareholders, equating to one Arras share for each Silver Bull share held. This distribution follows the transfer of Silver Bull's Kazakh assets to Arras, for which Silver Bull received 36 million shares. Upon completion, Silver Bull will retain about 1.8 million shares, representing 4% of Arras' outstanding shares. The distribution is subject to regulatory approvals and is expected to occur before Q3 2021.
Silver Bull Resources, Inc. held its annual shareholder meeting on April 19, 2021, with 54.17% of shares represented. Shareholders approved increasing authorized shares from 37.5 million to 150 million, with 50.07% voting in favor. The proposal allows for potential equity financing to advance the Sierra Mojada project and the Beskauga project in Kazakhstan. Additionally, directors were re-elected, Smythe LLP was ratified as the auditor for the fiscal year ending October 31, 2021, and executive compensation was approved by 92.65% of votes.
Silver Bull Resources (SVBL) announced the postponement of its 2021 annual shareholders' meeting to April 19, 2021, allowing more time for shareholder voting on critical proposals. The record date for eligible voters remains February 18, 2021. The Board urges shareholders to vote 'FOR' the proposal to increase the number of authorized shares, essential for fundraising and maintaining operations in its Sierra Mojada project, Mexico. Shareholders can vote online or via telephone until April 18, 2021, at 11:59 p.m. ET.
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Silver Bull Resources announced a C$2,517,500 private placement into its subsidiary Arras Minerals Corp., raising funds by selling 5.035 million shares at C$0.50 each. Silver Bull now owns 88% of Arras following the transfer of its Kazakhstan assets. The proceeds are earmarked for exploration, technical studies, and working capital for projects in Kazakhstan. The Beskauga deposit, which includes significant indicated and inferred resources, remains open for further exploration.
Silver Bull Resources, Inc. (SVBL) has achieved a favorable ruling in its ongoing lawsuit against local mining co-operative Minera Norteños regarding the Sierra Mojada project. The unanimous decision from three judges allows Silver Bull to continue operations despite an ongoing illegal blockade by a faction within Minera Norteños. CEO Tim Barry expressed optimism for resolving the blockade, enabling the resumption of halted drilling activities. The project remains significant as one of Mexico's largest undeveloped silver-zinc deposits, and a partnership with South32 is still in good standing despite current challenges.
Silver Bull Resources has filed the NI 43-101 Mineral Resource estimate for the Beskauga copper-gold project. The report, prepared by CSA Global, shows an indicated resource of 207 million tonnes at grades of 0.35 g/t gold, 0.23% copper, and 1.09 g/t silver, amounting to 2.33 million ounces of gold and 476.1 thousand tonnes of copper. Inferred resources are 147 million tonnes grading 0.33 g/t gold, 0.15% copper, and 1.02 g/t silver. The project benefits from excellent infrastructure and government support.