Silvercorp Receives Tanzanian FCC Approval and Provides Further Updates on OreCorp Offer

时间:2024-02-01
  • FCC PROVIDES UNCONDITIONAL APPROVAL FOR PROPOSED ORECORP TRANSACTION
  • INDEPENDENT EXPERT APPOINTED BY ORECORP CONCLUDES THAT THE SILVERCORP OFFER IS FAIR AND REASONABLE TO ORECORP SHAREHOLDERS, IN THE ABSENCE OF A SUPERIOR PROPOSAL
  • EACH ORECORP DIRECTOR HAS ACCEPTED THE SILVERCORP OFFER

VANCOUVER, British Columbia – February 1, 2024 – Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX/NYSE American: SVM) today announced the Company received a Merger Clearance Certificate (dated January 30, 2024) from the Tanzanian Fair Competition Commission (the "FCC") providing unconditional merger control approval for the proposed transaction with OreCorp Limited (“OreCorp”) by way of Silvercorp’s off-market takeover offer (the “Silvercorp Offer”), for all of the OreCorp shares not already owned by Silvercorp for consideration comprising 0.0967 common shares of Silvercorp and A$0.19 cash per OreCorp share (the “Transaction”). The FCC approval represents the sole Tanzanian regulatory requirement needed to complete the Transaction. This approval means that the potential breach of the “no regulatory action” condition in paragraph (c) of Appendix 2 of Silvercorp’s Replacement Bidder’s Statement dated January 16, 2024 ceases to exist.
 
The Company would like to thank the FCC for providing support throughout the expedited approval process. The Company would also like to express its appreciation to the Tanzanian Honourable Minister for Minerals, Permanent Secretary for Minerals, Treasury Registrar and the Tanzanian Mining Commission, all of whom have expressed support to Silvercorp and OreCorp.
 
Release of Target Statement
 
OreCorp has now released its Target’s Statement and is currently dispatching it to OreCorp shareholders, including a copy of the Independent Expert’s Report prepared by BDO Corporate Finance (WA) Pty Ltd which has concluded that the Silvercorp Offer is fair and reasonable to OreCorp shareholders, in the absence of a superior proposal.
 
OreCorp Director Acceptance of Silvercorp Offer and Recommendation
 
Silvercorp notes that each OreCorp director has now accepted the Silvercorp Offer and continues to recommend that OreCorp shareholders ACCEPT the Silvercorp Offer in the absence of a Superior Proposal and subject to the Independent Expert’s Report continuing to conclude that the Silvercorp Offer is reasonable to OreCorp shareholders.

 

The Silvercorp Offer is scheduled to close at 7:00 p.m. (Sydney time) on February 23, 2024, unless the Silvercorp Offer is further extended or withdrawn. Questions or requests for assistance in relation to the Silvercorp Offer may be directed to the Silvercorp Information Line by calling 1300 290 691 (within Australia) or +61 2 9066 4081 (outside Australia) between 9:00am and 5:30pm (Sydney time) Monday to Friday, excluding public holidays in Sydney.