SILVER BULL RESOURCES, INC. (OTCMKTS:SVBL) Files An 8-K Entry into a Material Definitive Agreement
Entry into a Material Definitive Agreement.
On April4, 2019, Silver Bull Resources, Inc. (the “Company”) and its subsidiaries Minera Metalin S.A. de C.V. (“Minera Metalin”) and Contratistas de Sierra Mojada S.A. de C.V. entered into Amending Agreement No.1 (the “Amendment”), effective as of March20, 2019, with South32 International Investment Holdings Pty Ltd (“South32”) to the previously announced Option Agreement (the “Option Agreement”), dated as of June1, 2018, to which South32 may obtain an option to purchase 70% of the shares of Minera Metalin and Contratistas (the “Option”). Upon the terms and subject to the conditions set forth in the Option Agreement, in order for South32 to earn and maintain its four-year Option, South32 must have contributed to Minera Metalin for exploration of the Sierra Mojada property located in Coahuila, Mexico, at least $3 million by the end of Year1, $6 million by the end of Year2, $8 million by the end of Year3 and $10 million by the end of Year4. Funding for each annual tranche is made on a quarterly basis based on the subsequent quarter’s exploration budget.
The Amendment provides that if South32 remits the first quarterly Capital Advance (as defined in the Option Agreement) with respect to an annual tranche, South32 is obligated to remit all quarterly Capital Advances in respect of such annual tranche. In addition, the Amendment includes provisions relating to a special purpose bank account of the Company into which Capital Advances by South32 must be deposited in certain circumstances.
The foregoing description of the Amendment does not purport to be complete and is subject to and qualified in its entirety by reference to the Amendment, a copy of which is filed as Exhibit10.1 to this Current Report and incorporated herein by reference.
Financial Statements and Exhibits.
Amending Agreement No.1, dated as of April4, 2019 and effective as of March20, 2019, to the Option Agreement, dated as of June1, 2018, by and among Silver Bull Resources, Inc., Minera Metalin S.A. de C.V., Contratistas de Sierra Mojada S.A. de C.V., and South32 International Investment Holdings Pty Ltd
SILVER BULL RESOURCES, INC. Exhibit
EX-10.1 2 svbl_ex10z1.htm AMENDING AGREEMENT NO. 1 Amending Agreement No. 1 EXHIBIT 10.1 [South32 Letterhead] 20,…
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About SILVER BULL RESOURCES, INC. (OTCMKTS:SVBL)
Silver Bull Resources, Inc. is an exploration stage-company. The Company has the option to acquire a number of property concessions in Mexico within the Sierra Mojada District, located in the west-central part of the state of Coahuila, Mexico. The Company conducts its operations in Mexico through its subsidiaries, Minera Metalin S.A. de C.V. and Contratistas de Sierra Mojada S.A. de C.V., and through its indirect subsidiary Minas de Coahuila SBR S.A. de C.V. The Company’s Sierra Mojada project (the Sierra Mojada Project) is located in the west central part of the state of Coahuila, Mexico, near the Coahuila-Chihuahua state border approximately 200 kilometers south the Rio Grande River. The principal mining area extends for approximately five kilometers in east-west direction along the base of the precipitous, approximately 1,000 meter high, Sierra Mojada Range. The Sierra Mojada Project consists of approximately 30 concessions consisting of approximately 20,950 hectares.