Business
Silvercorp Metals and OreCorp Enter into Amending Agreement
VANCOUVER, BC, Nov. 23, 2023 /CNW/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) announces that it has entered into a
About this update from Silvercorp Metals Inc.
[{"type":"text","content":" VANCOUVER, BC, Nov. 23, 2023 /CNW/ - Silvercorp Metals Inc. (\"Silvercorp\" or the \"Company\") (TSX: SVM) (NYSE American: SVM) announces that it has entered into an amendment (the \"Amending Deed\") to the binding scheme implementation deed dated August 5, 2023 (the \"Agreement\") entered into previously with OreCorp Limited (ASX: ORR) (\"OreCorp\"), whereby Silvercorp agreed to acquire all fully-paid ordinary shares of OreCorp (the \"Transaction\") not held by Silvercorp or its associates (the \"OreCorp Shares\"), pursuant to an Australian scheme of arrangement (the \"Scheme\"). As a result of the Amending Deed, each OreCorp shareholder will now receive, for each OreCorp Share held, an increase in the cash consideration from A$0.15 to A$0.19, (reflecting a 26.7% increase in the cash component), and 0.0967 of a Silvercorp common share (no change), or if elected by OreCorp shareholders and subject to quotation of Silvercorp shares as CDIs on the ASX, 0.0967 of a new Silvercorp CDI. As of the date of this announcement, Silvercorp holds 72,312,344 OreCorp Shares, representing 15.40% of the fully paid ordinary shares of OreCorp. Board Approvals and Recommendations The OreCorp Board has unanimously approved the Scheme, as revised (\"Revised Scheme\"), and recommends that all OreCorp shareholders vote in favour of the Revised Scheme at the meeting of the shareholders of OreCorp (the \"Scheme Meeting\"), currently set for December 8, 2023, in the absence of a Superior Proposal and subject to the Independent Expert concluding (and continuing to conclude) that the Revised Scheme is in the best interests of OreCorp shareholders (the \"Qualifications\"). Subject to the Qualifications, each OreCorp Director intends to vote, or cause to be voted, all OreCorp shares held or controlled by them at the time of the Scheme Meeting (representing 3.94% of OreCorp's issued shares as at the date of this announcement) in favour of the Revised Scheme. The Revised Scheme has also been unanimously approved by the Board of Directors of Silvercorp. Key Shareholder Support In OreCorp's announcement to the ASX dated November 23 2023 in relation to the Revised Scheme, OreCorp stated that Mr. Timothy Goyder, who together with his associates holds 24,125,756 OreCorp shares (representing approximately 5.14% of OreCorp's issued shares as at the date of tha...