Silvercorp Metals Inc. (“Silvercorp” or the “Company”) is pleased
to announce a Normal Course Issuer Bid to acquire up to 8,484,682
common shares, representing approximately 5% of the
169,693,640 common shares issued and outstanding as of February 5,
2019. The repurchase program will run from February 25, 2019
to February 24, 2020. 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 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 228,856, excluding purchases made
by Silvercorp under its Normal Course Issuer Bid, for a daily total
of 57,214 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.
Under the Company’s 2018 normal course issuer
bid program which expired on November 26, 2018, 1,717,100 common
shares were purchased for cancellation during the twelve months
program at a weighted average price per common share of
$3.32. The Company was authorized to purchase up to 8,409,712
common shares under the 2018 normal course issuer bid.
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.silvercorp.ca.
Investor Contact
Silvercorp Metals Inc.Lon Shaver Vice
PresidentPhone: (604) 669-9397Toll Free 1(888) 224-1881Email:
investor@silvercorp.ca Website: www.silvercorp.ca
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 provincial 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 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.
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: 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
licenses; 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 for the year ended March 31, 2018 under the heading “Risk
Factors”. 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. For the reasons set forth above, investors should
not place undue reliance on forward-looking statements.
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