Silver Bull Resources, Inc. (TSX: SVB, OTCQB: SVBL)
(“
Silver Bull” or the
“
Company”) reminds all shareholders to vote in
advance of the special meeting of shareholders (the
“
Meeting”) on Wednesday, December 16, 2020 at
10:00 a.m. PT.
The Company’s board of directors strongly
recommends that all shareholders to vote “FOR”
both proposals to increase the number of authorized shares and to
change the Company’s name to MaxMetals Corp.
YOUR VOTE IS IMPORTANT – PLEASE VOTE
TODAYThe proxy voting deadline is 11:59 p.m. ET on
December 15, 2020.We encourage you to vote well in
advance of the deadline.For any questions or
assistance with voting, please contact our proxy solicitation
agent, Laurel Hill Advisory Group at 1-877-452-7814 or by email
at
assistance@laurelhill.com. |
President and CEO Tim Barry stated,
I have just returned from an “on the ground” due
diligence trip to the Beskauga project in Kazakhstan and I was
extremely impressed by the mineralization I saw in the drill core,
and the extensive infrastructure that surrounds the project.
Additional due diligence is currently underway on the Beskauga
project, which if acceptable, will allow us to bring a second
project into the Company. This would give shareholders exposure to
silver and zinc on our Sierra Mojada project in Mexico, and copper
and gold at the Beskauga project in Kazakhstan. It is well known
that gold and silver prices have had big run-ups over the last six
months; however, it is less appreciated that copper (US$2.60 in
June 2020 to US$3.50 in December 2020) and zinc (US$0.92 in June
2020 to US$1.28 in December 2020) prices have been running up as
well. By increasing the number of authorized shares now, we will be
able to act in a timely manner when the need to raise equity
capital arises or when the board believes it is in the best
interests of the Company and its shareholders to take action, and
to maximize the opportunities that both the Sierra Mojada and
Beskauga projects present to shareholders.
As outlined in our news release on
November 30, 2020, it is no small point that both of the
leading independent proxy advisor firms Institutional Shareholder
Services (ISS) and Glass Lewis & Co. agreed with Silver Bull’s
board of directors on the need for additional shares to enable the
Company to raise additional capital for furthering the development
of the Sierra Mojada project in Mexico and the Beskauga property in
Kazakhstan. Additionally, Glass Lewis noted that “it would be in
shareholders’ best interest to provide the board with flexibility
to obtain additional capital—including through participation in
private placement transactions—going forward.”
We would like to remind shareholders that
special meetings of shareholders are costly and time-consuming. If
the proposal to increase the number of authorized shares is
approved, the Company will not need to call another special meeting
in the near term to consider a proposal to increase the number of
authorized shares again.
We have hired Laurel Hill Advisory Group as our
proxy solicitation agent, and its contact details are outlined at
the top and bottom of this news release. Should shareholders have
any questions regarding the Meeting or require assistance with
voting, please contact Laurel Hill directly.
On behalf of Silver Bull’s management and board,
we thank you for your support on this very important matter.
Authorized Share Increase
Proposal
By increasing the number of authorized shares of
Silver Bull common stock now, the Company will be able to act in a
timely manner when the need to raise equity capital arises or when
the Company’s board of directors believes it is in the best
interests of the Company and shareholders to take action, without
the delay and expense that would be required at that time to obtain
shareholder approval to increase the authorized shares. Business
purposes for which the Company could seek to raise additional
capital include furthering the development of the Sierra Mojada
project in Mexico and the Beskauga property (and other properties)
located in Kazakhstan. Virtually all junior exploration companies
like the Company remain as viable companies and conduct their
mineral exploration activities by raising funds by issuing shares
from time to time. In the absence of an affirmative vote to
increase the number of authorized shares of Silver Bull common
stock, the Company will have an insufficient number of authorized
shares to raise funds to fund general corporate overhead or cover
the costs associated with maintaining its interests in the Sierra
Mojada project in Mexico or its potential mineral interests in
Kazakhstan.
Name Change
Proposal
The Company’s board of directors believes that
the proposed name change from Silver Bull Resources, Inc. to
MaxMetals Corp. is appropriate to better describe the Company’s
focus and anticipated exploration activities.
Silver Bull Special Meeting
of Shareholders
The Meeting is scheduled for 10:00 a.m.
PT on Wednesday, December 16, 2020, at
the Company’s offices at 777 Dunsmuir Street, Suite 1610,
Vancouver, British Columbia.
Additional information concerning the proposals
can be found in the definitive proxy statement dated November 6,
2020. An electronic copy of the definitive proxy statement is
available on the Company’s website at www.silverbullresources.com,
on the Company’s EDGAR profile at www.sec.gov, and on its SEDAR
profile at www.sedar.com.
The board of directors of Silver Bull UNANIMOUSLY
recommends that Silver Bull shareholders vote FOR both
proposals. |
How to Vote Your Shares
- By
Internet: If you received a Notice of Internet
Availability of Proxy Materials (the “Notice”),
you can access the Company’s proxy materials and vote online at
www.proxyvote.com. Further instructions to vote online are provided
in the Notice.
- By
Telephone: You may vote your shares by calling
1-800-690-6903. You will need to follow the instructions on your
proxy card and the voice prompts.
Due to the essence of time, shareholders are
encouraged to vote by Internet or telephone as set out above.
Shareholder Questions and
Assistance
Silver Bull shareholders who require assistance
with voting their shares can contact the Company’s proxy
solicitation agent, Laurel Hill Advisory Group:
Laurel Hill Advisory Group |
North America
Toll-Free: |
1-877-452-7184 |
Collect Call Outside North America: |
1-416-304-0211 |
Email: |
assistance@laurelhill.com |
Important Information
This communication may be deemed to be
solicitation material in connection with the proposals to be
considered at the Meeting. In connection with the proposals, Silver
Bull filed a definitive proxy statement on Schedule 14A with
the U.S. Securities and Exchange Commission (the
“SEC”) on November 6, 2020. Shareholders are
urged to read the definitive proxy statement and all other relevant
documents filed with the SEC because they contain important
information about the proposals. An electronic copy of the
definitive proxy statement is available on the Company’s website at
www.silverbullresources.com, on the Company’s EDGAR profile at
www.sec.gov, and on its SEDAR profile at www.sedar.com.
Participants in the
Solicitation
Silver Bull and its directors and executive
officers may be deemed to be participants in the solicitation of
proxies from Silver Bull shareholders in respect of the proposals
to be considered at the Meeting. Information about the directors
and executive officers of Silver Bull can be found in its Annual
Report on Form 10-K for the year ended October 31, 2019
filed with the SEC on January 13, 2020, filings on
Form 3, 4 and 5 filed with the SEC, and the Company’s
definitive proxy statement for the Meeting filed with the SEC on
November 6, 2020.
About Silver Bull
Silver Bull is a Vancouver-based mineral
exploration company whose shares are listed on the TSX and trade on
the OTCQB in the United States. Silver Bull recently signed an
Option Agreement to acquire the Beskauga Copper-Gold Project,
located in North Eastern Kazakhstan. This agreement is subject to
on the ground due diligence, which is now underway, and is expected
to be completed on or before January 15, 2021. In addition, Silver
Bull owns the Sierra Mojada Project which is located 150 kilometers
north of the city of Torreon in Coahuila, Mexico, and is highly
prospective for silver 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,
CPAusIMMChief Executive Officer, President and
Director
INVESTOR RELATIONS:+1 604 687
5800info@silverbullresources.com
Cautionary note
regarding forward looking statements: Certain statements
in this news release are “forward-looking” within the meaning of
applicable securities legislation. Forward-looking statements can
generally be identified by the use of forward-looking terminology
such as “may”, “will”, “expect”, “intend”, “estimate”,
“anticipate”, “believe”, “continue”, “plans” or similar
terminology. Forward-looking statements include, but are not
limited to, statements relating to the proposals to be considered
at the Meeting and the completion of due diligence in respect of
the Beskauga Option Agreement. 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
forward-looking statements. These factors include, among others,
market prices, metal prices, availability of capital and financing,
general economic, market or business conditions, as well as other
risk factors set out under the heading “Risk Factors” in the 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.
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