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Silver Bull Resources Inc. (AMEX:SVBL, TSX:SVB) is a well-financed exploration stage enterprise headquartered in Vancouver, Canada, engaged in the business of mining. The company owns mining concessions in Sierra Mojada, Coahuila, Mexico, and exploration licenses in Gabon, Africa. Their primary focus is the Sierra Mojada project in Mexico, with over 80,000 meters of drilling completed on the property since 1997.
Silver Bull Resources announced the results from their annual shareholder meeting held on April 20, 2023. A total of 12,669,434 shares, representing 36.14% of the issued shares, were cast. Key outcomes included the re-election of directors Brian Edgar, Timothy Barry, David Underwood, and William Matlack, with votes in favor ranging from 98.4% to 98.8%. Shareholders also ratified the appointment of Smythe LLP as the independent accounting firm for the fiscal year ending October 31, 2023, with 99.4% approval. Additionally, 94% of votes were in favor of the named executive officers' compensation. Further details can be found in the definitive proxy statement filed on February 28, 2023, accessible on SEDAR and EDGAR.
Silver Bull Resources (OTCQB: SVBL, TSX: SVB) announced changes to its Board of Directors effective March 2, 2023. Daniel Kunz resigned from the Board after serving since 2011, with William Matlack appointed as his replacement. Matlack brings over 20 years of experience in the mining industry and has previously held significant roles, including interim CEO of Klondex Mines. Concurrently, the company granted 150,000 stock options to Matlack, exercisable at C$0.195 per share over five years, subject to a two-year vesting period.
Silver Bull Resources (OTCQB: SVBL, TSX: SVB) has filed a Notice of Intent to initiate a NAFTA claim to recover at least US$178 million in damages due to an illegal blockade of its Sierra Mojada project. The blockade has prevented access to the site since September 2019, with the Mexican government failing to intervene despite multiple requests from Silver Bull. The Notice was submitted to Mexico’s Directorate General of Foreign Investment, highlighting the company's efforts to protect its investment and pursue legal channels for recovery.
Silver Bull Resources (OTCQB: SVBL, TSX: SVB) announced the termination of its option agreement with South32 for the Sierra Mojada project in Mexico. This decision follows an ongoing illegal blockade by a local mining cooperative, preventing access to the project since September 2019. CEO Tim Barry expressed disappointment but acknowledged South32’s reasoning. The blockage has impeded exploration activities despite the company's attempts for resolution. Silver Bull will evaluate opportunities outside Mexico while continuing to monitor the Sierra Mojada situation.
Silver Bull Resources (SVBL) held its annual shareholder meeting on April 19, 2022, with 44.49% of shares represented. Key outcomes included the re-election of directors Brian Edgar (96.61%), Timothy Barry (96.59%), Daniel Kunz (96.62%), and David Underwood (96.65%). The appointment of Smythe LLP as the independent public accounting firm was ratified with 98.68% approval. Shareholders supported the executive compensation plan (93.95%) and adopted amendments to the stock option plan (93.16%). The meeting reflects strong shareholder engagement and trust in management.
On March 3, 2022, Silver Bull Resources (SVBL) announced changes to its Board of Directors. Jack McClintock resigned after a decade of service, and David Underwood was appointed to fill his position. Underwood brings over 30 years of experience in mineral exploration, having held senior roles with various companies. Additionally, Silver Bull granted 3,300,000 stock options to attract and retain talent. The Sierra Mojada project remains the company's primary asset, featuring a mineral resource of 70.4 million tonnes with significant zinc and silver content.
Silver Bull Resources (OTCQB: SVBL, TSX: SVB) announces the appointment of Darren Klinck as President of Silver Bull and Arras Minerals Corp, effective October 1, 2021. Klinck, with extensive experience in the mining sector, previously served as President & CEO of Bluestone Resources. He has successfully raised over $800 million in funding and will focus on advancing mining projects in Mexico and Kazakhstan. The companies also continue to develop their respective projects: the Sierra Mojada in Mexico and the Beskauga deposit in Kazakhstan, which holds significant mineral resources.
Silver Bull Resources has successfully completed the distribution of shares of Arras Minerals Corp. to its shareholders as of September 24, 2021. Shareholders were entitled to receive one Arras share for each Silver Bull share held as of September 10, 2021. In total, 34,547,838 Arras shares were distributed, representing approximately 84% of the company. Silver Bull retains about 4% of Arras. Tax implications of this Distribution vary between U.S. and Canadian shareholders. The company continues to focus on its Sierra Mojada asset and maintain its management team.
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.
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