Trading Symbol: TSX: SVM
NYSE AMERICAN: SVM
VANCOUVER, BC, Jan. 24,
2024 /PRNewswire/ - Silvercorp Metals
Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE
American: SVM) today announced that it has received conditional
approval from the Toronto Stock Exchange (the "TSX") for the
listing of the Silvercorp shares to be issued in connection with
Silvercorp's off-market takeover offer (the "Silvercorp Offer") for
all of the shares of OreCorp Limited ("OreCorp") not already owned
by Silvercorp for consideration comprising 0.0967 common shares of
Silvercorp and A$0.19 cash per
OreCorp share (the "Transaction"), as described in the Company's
news release of December 26,
2023.
Final TSX approval is subject to the Company meeting certain
customary conditions required by the TSX.
The Company further notes that it has submitted all requested
documents to the NYSE American ("NYSE-A") and conditional approval
from the NYSE-A is expected shortly. Once the conditional approval
from the NYSE-A is granted, Silvercorp will issue a notice in
accordance with the Australian Corporations Act that a
condition to the Silvercorp Offer has been satisfied.
As previously disclosed, the Company anticipates receiving a
merger-approval decision in relation to the Silvercorp Offer from
the Tanzanian Fair Competition Commission ("FCC") by mid-February.
Silvercorp will provide further updates on the Transaction as
appropriate.
Silvercorp notes that the OreCorp Board has provided a unanimous
recommendation in favour of the Silvercorp Offer, in the absence of
a superior proposal and subject to the independent expert's report
concluding, and continuing to conclude that the Silvercorp Offer is
reasonable to OreCorp shareholders.
Silvercorp acknowledges the announcement made by Perseus Mining
Limited ("Perseus") on January 22,
2024 that Perseus intends to make a competing off-market
takeover offer for all OreCorp shares ("Perseus Offer"). As
announced by OreCorp on January 22,
2024, the OreCorp Board determined that the Perseus Offer
was not considered to be a superior proposal for the purposes of
the Bid Implementation Deed between OreCorp and the Company.
Silvercorp highlights that, as disclosed in its offer document,
as at September 30, 2023, the Company
had cash and cash equivalents and short-term investments of
US$189.1 million and an equity
investment portfolio in associates and other companies with a total
market value of US$124.0 million.
Silvercorp's strong balance sheet, together with its track record
of cash generation from its existing asset base, positions it
favourably with respect to the development and commissioning of the
Nyanzaga project. The Silvercorp Offer provides OreCorp
shareholders with the opportunity to be exposed to enhanced trading
liquidity, re-rating potential and participation in further upside
from the Nyanzaga project and Silvercorp's existing portfolio.
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.
For further information
Silvercorp Metals Inc.
Lon Shaver
President
Phone: (604) 669-9397
Toll Free 1(888) 224-1881
Email: investor@silvercorp.ca
Website: www.silvercorpmetals.com
CAUTIONARY DISCLAIMER -
FORWARD-LOOKING STATEMENTS
Certain of the statements and information in this news release
constitute "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
Canadian and US securities laws (collectively, "forward-looking
statements"). Any statements or information that express or involve
discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions or future events or
performance (often, but not always, using words or phrases such as
"expects", "is expected", "anticipates", "believes", "plans",
"projects", "estimates", "assumes", "intends", "strategies",
"targets", "goals", "forecasts", "objectives", "budgets",
"schedules", "potential" or variations thereof or stating that
certain actions, events or results "may", "could", "would", "might"
or "will" be taken, occur or be achieved, or the negative of any of
these terms and similar expressions) are not statements of
historical fact and may be forward-looking statements.
Forward-looking statements relate to, among other things: the
Transaction; TSX final approval; receipt of conditional
approval from the NYSE-American; FCC approval; the Company's
intentions with respect to the Nyanzaga Project; statements
regarding enhanced trading liquidity, re-rating potential and
participation in further upside; price of silver and other metals;
the accuracy of mineral resource and mineral reserve estimates at
the Company's material properties; the sufficiency of the Company's
capital to finance the Company's operations; estimates of the
Company's revenues and capital expenditures; estimated production
from the Company's mines in the Ying Mining District and the GC
Mine; timing of receipt of permits and regulatory approvals;
availability of funds from production to finance the Company's
operations; and access to and availability of funding for future
construction, use of proceeds from any financing and development of
the Company's properties.
Actual results may vary from forward-looking statements.
Forward-looking statements are subject to a variety of known and
unknown risks, uncertainties and other factors that could cause
actual events or results to differ from those reflected in the
forward-looking statements, including, without limitation, risks
relating to: global economic and social impact of COVID-19;
fluctuating commodity prices; calculation of resources, reserves
and mineralization and precious and base metal recovery;
interpretations and assumptions of mineral resource and mineral
reserve estimates; exploration and development programs;
feasibility and engineering reports; permits and licences; title to
properties; property interests; joint venture partners; acquisition
of commercially mineable mineral rights; financing; recent market
events and conditions; economic factors affecting the Company;
timing, estimated amount, capital and operating expenditures and
economic returns of future production; integration of future
acquisitions into the Company's existing operations; competition;
operations and political conditions; regulatory environment in
China and Canada; environmental risks; foreign exchange
rate fluctuations; insurance; risks and hazards of mining
operations; key personnel; conflicts of interest; dependence on
management; internal control over financial reporting; and bringing
actions and enforcing judgments under U.S. securities laws.
This list is not exhaustive of the factors that may affect any
of the Company's forward-looking statements. Forward-looking
statements are statements about the future and are inherently
uncertain, and actual achievements of the Company or other future
events or conditions may differ materially from those reflected in
the forward-looking statements due to a variety of risks,
uncertainties and other factors, including, without limitation,
those referred to in the Company's Annual Information Form under
the heading "Risk Factors" and in the Company's Annual Report on
Form 40-F, and in the Company's other filings with Canadian and
U.S. securities regulators. Although the Company has attempted to
identify important factors that could cause actual results to
differ materially, there may be other factors that cause results
not to be as anticipated, estimated, described or intended.
Accordingly, readers should not place undue reliance on
forward-looking statements.
The Company's forward-looking statements are based on the
assumptions, beliefs, expectations and opinions of management as of
the date of this news release, and other than as required by
applicable securities laws, the Company does not assume any
obligation to update forward-looking statements if circumstances or
management's assumptions, beliefs, expectations or opinions should
change, or changes in any other events affecting such statements.
Assumptions may prove to be incorrect and actual results may differ
materially from those anticipated. Consequently, guidance cannot be
guaranteed. For the reasons set forth above, investors should not
place undue reliance on forward-looking statements.
Additional information related to the Company, including
Silvercorp's Annual Information Form, can be obtained under the
Company's profile on SEDAR+ at www.sedarplus.ca, on EDGAR at
www.sec.gov, and on the Company's website at
www.silvercorpmetals.com.
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SOURCE Silvercorp Metals Inc