UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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| Item 5.07 | Submission of Matters to a Vote of Security Holders. |
On April 18, 2024, Silver Bull Resources, Inc. (“Silver Bull” or the “Company”) held its annual meeting of shareholders (the “Annual Meeting”). At the Annual Meeting, five proposals were submitted to the shareholders for approval as set forth in the Company’s definitive proxy statement filed with the Securities and Exchange Commission on February 27, 2024. As of the record date, February 22, 2024, a total of 47,365,652 shares of Silver Bull common stock were outstanding and entitled to vote. In total, 12,362,808 shares of Silver Bull common stock were present in person or represented by proxy at the Annual Meeting, which represented approximately 26.1% of the shares outstanding and entitled to vote as of the record date.
At the Annual Meeting, shareholders approved four of the five proposals that were submitted, (i) electing the slate of four persons to the Company’s Board of Directors, (ii) ratifying and approving Smythe LLP, Chartered Professional Accountants, as the Company’s independent registered public accounting firm, (iii) ratifying and approving the key persons retention agreement, dated as of October 13, 2023, by and between the Company and the persons named therein, and (iv) approving, on a non-binding advisory basis, the compensation of the Company’s named executive officers. For the fifth proposal submitted, shareholders approved, on a non-binding advisory basis, a triennial vote on executive compensation. In connection with each of the election of directors, the vote to ratify and approve the key persons retention agreement, the non-binding advisory vote on executive compensation, and the non-binding advisory vote on the frequency of future advisory votes on executive compensation, there were a total of 4,735,135 broker non-votes. The votes on the proposals were cast as set forth below:
1. Proposal No. 1 – Election of Directors. The shareholders elected the entire slate of directors presented to the shareholders. As a result, the Company’s Board of Directors consists of the four persons elected at the Annual Meeting.
|
Name |
For |
Withheld |
| Brian D. Edgar | 7,551,897 | 75,776 |
| Timothy T. Barry | 7,528,248 | 99,425 |
| David T. Underwood | 7,563,101 | 64,572 |
| William F. Matlack | 7,551,885 | 75,788 |
2. Proposal No. 2 – Ratification and approval of the appointment of Smythe LLP, Chartered Professional Accountants, as the Company’s independent registered public accounting firm for the fiscal year ending October 31, 2024.
|
For |
Against |
Abstain |
| 12,320,713 | 25,985 | 16,110 |
3. Proposal No. 3 – Ratification and approval of the key persons retention agreement, dated as of October 13, 2023, by and between the Company and the persons named therein, disregarding 1,856,146 votes cast by or on behalf of excluded shareholders (i.e., participants in the agreement and their affiliates).
|
For |
Against |
Abstain |
| 5,440,893 | 291,482 | 39,152 |
4. Proposal No. 4 – Approval, on a non-binding advisory basis, of the compensation of the Company’s named executive officers.
|
For |
Against |
Abstain |
| 7,233,105 | 349,221 | 45,347 |
5. Proposal No. 5 – Proposal No. 4 – Approval, on a non-binding advisory basis, of the frequency of future advisory votes on executive compensation.
|
Three (3) Years |
Two (2) Years |
One (1) Year |
Abstain |
| 5,205,668 | 136,558 | 2,172,199 | 113,248 |
In response to the voting results and other factors, the Company’s Board of Directors determined on April 18, 2024, that the Company will hold an advisory vote on named executive officer compensation every three years until the Company’s Board of Directors decides to hold the next shareholder advisory vote on the frequency of advisory votes, which shall be no later than the Company’s annual meeting of shareholders in 2030.
| Item 7.01 | Regulation FD Disclosure. |
On April 19, 2024, the Company issued a press release regarding the Annual Meeting. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.
The information set forth in this Item 7.01, including the information set forth in Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit No. | Description | |
| 99.1 | Press Release, dated as of April 19, 2024 | |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Silver Bull resources, inc. | ||
| Date: April 22, 2024 | By: | /s/ Christopher Richards |
| Name: | Christopher Richards | |
| Title: | Chief Financial Officer | |
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