Coeur d'Alene Mines Corp has signed a term sheet to make a $5m investment in Silver Bull Resources.
The company plans to purchase 7,352,941 shares of Silver Bull common stock at $0.68 per share in a private placement transaction.
Silver Bull president and CEO Tim Barry said this financing will allow the company to complete its planned 2011 exploration program at Sierra Mojada in the Mexican state of Coahuila.
"We feel this investment is a solid endorsement of the work we have completed to date, and of the potential at the Sierra Mojada project," Barry said.
Closing of the transaction is subject to the execution of a definitive agreement, and approval of the NYSE Amex Stock Exchange and the Toronto Stock Exchange.
Silver Bull is engaged in the acquisition, exploration and potential development of mineral properties.