Silver Bull Resources Inc., a Canadian company that explores for silver, said Friday a stock offering resulted in proceeds of nearly $7.53 million, most of which came from Coeur d'Alene Mines Corp., a large U.S. silver producer, to advance a prospect in Mexico.

Vancouver-based Silver Bull sold 15,050,000 shares of common stock at a price of 50 cents per share, resulting in gross proceeds of $7.525, including the sale of 10,000,000 shares for gross proceeds of $5 million to Coeur d'Alene Mines Corp.

The stock offering is expected to close Dec. 9, said Silver Bull, which aims to use the money for drilling, metallurgical studies and other geological work at its Sierra Mojada project in Coahuila, Mexico.

We are very pleased to close this financing and strengthen our relationship with Coeur d'Alene as well as other investors, CEO Tim Barry said in a statement. This transaction is extremely positive for the company moving forward and will allow us to continue aggressively developing the Sierra Mojada project in Mexico.