Trading Symbol: TSX: SVM
NYSE AMERICAN:
SVM
VANCOUVER, Nov. 23, 2017 /PRNewswire/ - Silvercorp
Metals Inc. ("Silvercorp" or the "Company") is pleased to announce
a Normal Course Issuer Bid to acquire up to 8,409,712, common
shares, representing approximately 5% the 168,194,254 common shares
issued and outstanding as of November
16, 2017. The repurchase program will run from
November 27, 2017 to November 26, 2018. The Company is taking
this action because it believes that prevailing market conditions
have resulted in Silvercorp's shares being undervalued relative to
the immediate and long term value of Silvercorp's portfolio of
producing properties in China and
other strategic investments.
Purchases will be made at the discretion of the directors at
prevailing market prices, through the facilities of the TSX, the
NYSE American, and alternative trading platforms in Canada and the
United States, in compliance with regulatory requirements.
There can be no assurance as to the precise number of shares that
will be repurchased under the share repurchase program. Silvercorp
may discontinue its purchases at any time, subject to compliance
with applicable regulatory requirements. The Company intends
to hold all shares acquired under the issuer bid for
cancellation.
Directors and senior officers of the Company are not aware of
any previously undisclosed material changes or plans or proposals
for material changes in the affairs of the Company, nor do any of
them have the present intention to sell shares of the Company
during the Normal Course Issuer Bid. The Company has
not repurchased any of its common shares in the last twelve month
period.
The maximum number of shares that may be purchased on the TSX
during any trading day may not exceed 25% of the average daily
trading volume on the TSX based on the previous six completed
calendar months of 709,485, excluding purchases made by Silvercorp
under its Normal Course Issuer Bid, for a daily total of 177,370
common shares. This limit, for which there are permitted
exceptions, is determined in accordance with TSX regulatory
requirements and does not apply to purchases made by the Company on
the alternative trading platforms in the
United States.
About Silvercorp Metals Inc.
Silvercorp is a low-cost silver-producing Canadian mining
company with multiple mines in China. The Company's vision is to
deliver shareholder value by focusing on the acquisition of under
developed projects with resource potential and the ability to grow
organically. For more information, please visit our website
at www.silvercorpmetals.com.
CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS
Certain of the statements and information in this press 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 provincial securities laws.
Forward-looking statements or information 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. The Company's
forward-looking statements regarding the number of shares it may
purchase are based on the assumptions, beliefs, expectations and
opinions of management as of the date of this press release, and
other than as required by applicable securities laws, the Company
does not assume any obligation to update forward-looking statements
and information if circumstances or management's assumptions,
beliefs, expectations or opinions should change, or changes in any
other events affecting such statements or information. For the
reasons set forth above, investors should not place undue reliance
on forward-looking statements and information.
SOURCE Silvercorp Metals Inc