Business
Silvercorp Metals Offer for OreCorp to Expire March 22, 2024
VANCOUVER, BC, March 15, 2024 /CNW/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) reminds its shareholders, and share
About this update from Silvercorp Metals Inc.
[{"type":"text","content":" VANCOUVER, BC, March 15, 2024 /CNW/ - Silvercorp Metals Inc. (\"Silvercorp\" or the \"Company\") (TSX: SVM) (NYSE American: SVM) reminds its shareholders, and shareholders of OreCorp Limited (\"OreCorp\") (ASX:ORR), that its off-market takeover bid for all of the ordinary shares in OreCorp that it does not already own (\"Silvercorp Offer\") will close at 7:00pm (Sydney time) on March 22, 2024. Silvercorp notes that as of market close on Thursday March 14, 2024 the Silvercorp Offer has an implied value of A$0.60 per OreCorp share1. This represents a 9% premium to the Perseus Mining Limited (\"Perseus\") offer. Silvercorp encourages all OreCorp shareholders to accept the Silvercorp Offer without delay. In the event that the 50.1% minimum acceptance condition is not met, Silvercorp will return all shares tendered already back to OreCorp shareholders when the Silvercorp Offer closes. Silvercorp further notes that Perseus has yet to announce that it has received merger approval for the acquisition of control of OreCorp from the Tanzanian Fair Competition Commission (\"FCC\"), a key condition to its offer. Silvercorp reminds OreCorp shareholders that it has received such FCC approval, which removes an element of uncertainty that remains attached to the Perseus offer. About Silvercorp Silvercorp is a Canadian mining company producing silver, gold, lead, and zinc with a long history of profitability and growth potential. The Company's strategy is to create shareholder value by 1) focusing on generating free cashflow from long life mines; 2) organic growth through extensive drilling for discovery; 3) ongoing merger and acquisition efforts to unlock value; and 4) long term commitment to responsible mining and ESG. For more information, please visit our website at www.silvercorpmetals.com. _____________________________ 1All data from S&P. Closing SVM.NYSEA price at March 14, 2024 of US$2.81 per share, USD/ASD of 1.518. Silvercorp offer consists of A$0.19 in cash and 0.0967 Silvercorp shares per OreCorp share. For further information Silvercorp Metals Inc. &nbs...