Silver Bull Resources Gaining After Coeur d'Alene Mines Buys $5M Stake in Firm
Silver Bull Resources Inc. (SVB.TO,SVBL) is trading over 7% higher today at 58 cents a share and the company receiving a $5-million investment from Coeur d'Alene Mines Corp. (CDM.TO,CDE) as part of a larger non-brokered sale of stock raising $7.525 million in gross proceeds.
Overall, Silver Bull sold just over 15 million shares of its stock for 50 cents apiece, with certain executive and directors of the company purchasing 1.055 million shares and generating $527,500 in proceeds.
Silver Bull plans to use the net proceeds for drilling, metallurgical studies, and other geological work at the Sierra Mojada project, as well as paying back amounts due under option agreements to acquire certain Sierra Mojada concessions.
Coeur d'Alene Mines shares are now down 13 cents at $29.44 each after earlier selling for as much as $30.18.
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