Business
Silvercorp Metals Update on Acquisition of Adventus Mining
VANCOUVER, BC, July 31, 2024 /CNW/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) is pleased to announce that it will
About this update from Silvercorp Metals Inc.
[{"type":"text","content":" VANCOUVER, BC, July 31, 2024 /CNW/ - Silvercorp Metals Inc. (\"Silvercorp\" or the \"Company\") (TSX: SVM) (NYSE American: SVM) is pleased to announce that it will proceed to close the acquisition of Adventus Mining Corporation (\"Adventus\") pursuant to the arrangement agreement (the \"Arrangement Agreement\") under which the Company agreed to acquire all of the issued and outstanding common shares of Adventus by way of a plan of arrangement (the \"Transaction\") as announced on April 26, 2024. On July 5, 2024, Silvercorp announced it considered the litigation referred to in the Adventus news release of June 17, 2024, which sought to void the environmental licence of the Curipamba-El Domo project (the \"Project\"), a Material Adverse Effect, as defined in the Arrangement Agreement, in respect of Adventus. The litigation was brought by a group of plaintiffs concerning the environmental consultation process for the Project. A positive development has occurred with respect to this litigation. Adventus announced on July 25, 2024, the local court in Las Naves Canton, Bolívar Province, Ecuador rejected the litigation on July 24, 2024. The Court ruled that the Ecuadorean government correctly discharged its environmental consultation obligations prior to issuing an environmental licence for the Project. The Court has not yet released written reasons for its judgement, and the plaintiffs have given notice of their intention to appeal (the \"Appeal\") to the relevant provincial court. With this local court ruling in favour of Adventus, Silvercorp believes that all conditions to closing are satisfied and will proceed to close the Transaction on July 31, 2024. For further information Silvercorp Metals Inc.Lon ShaverPresidentPhone: (604) 669-9397Toll Free 1(888) 224-1881Email: [email protected] Website: www.Silvercorp.ca CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS This news release includes \"forward-looking statements\" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and \"forward-looking information\" within the meaning of applicable securities laws relating to, among other things, the anticipated benefits of the Transaction, the strategic rationale for the Transaction, the anticipated use of the proceeds of the Placement, the timing and anticipated rece...