Silver Bull Resources Inc (NYSEMKT:SVBL) receives water permits for Flagship Sierra Mojada silver-zinc project, Coahuila, Mexico. Company announces it has been granted water permits to access water of up to 3,500,000 cubic meters per annum for use on its Sierra Mojada Project in Coahuila, Mexico. The National Water Commission of Mexico (“CONAGUA”), an agency of the Ministry of Environment and Natural Resources, has granted 6 permits to a subsidiary of Silver Bull for water wells with capacity to draw up to 3,500,000m3 annually from the regional aquifer.
The Preliminary Economic Assessment on the Sierra Mojada project, filed November 15, 2013, outlined an 8,500 tonne per day mill throughput operation with an estimated annual industrial water requirement for 2,000,000m3 and annual potable water requirement of 500,000m3, resulting in an estimated total annual regional water requirement of 2,500,000m3.
Silver Bull Resources Inc (NYSEMKT:SVBL) shares in current session trading at $0.380.
ZaZa Energy Corp (NASDAQ:ZAZA) announces agreement to convert its entire $47.3 mm of subordinated notes into a combination of common and preferred stock. Company announced that in an effort to improve the balance sheet and capital structure of the Company, the three Founders of the Company have agreed to exchange $47.3 million of Subordinated Notes into a combination of shares of ZaZa common stock and a new series of perpetual preferred stock.
Under the terms of the agreement, ZaZa Energy Corp (NASDAQ:ZAZA) will be converting the entire $47.3 million of its Subordinated Notes by delivering to each holder of Subordinated Notes (i) approximately 3.16 million shares of ZaZa common stock, which were valued at $0.9495 per share in the transaction, based on the volume weighted average price per share for the ten trading days prior to the agreement and (ii) a new series of perpetual preferred stock with a liquidation preference of $12.8 million.