Trading Symbol: TSX: SVM
NYSE AMERICAN: SVM
VANCOUVER, BC, March 15,
2024 /PRNewswire/ - 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.
_____________________________
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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.
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.
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: the Company's off-market takeover bid for all of the
ordinary shares in OreCorp; regulatory approvals, 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