Celsius Resources Limited Update on transaction with Silvercorp Metals (0434I)
August 02 2023 - 3:07AM
UK Regulatory
TIDMCLA
RNS Number : 0434I
Celsius Resources Limited
02 August 2023
ASX/AIM RELEASE
2 August 2023
Update on transaction with Silvercorp Metals, Inc.
Celsius Resources Limited ("CLA", "Celsius" or the "Company")
(ASX, AIM: CLA) wishes to provide an update in respect of its
proposed transaction with Silvercorp Metals Inc. (Silvercorp) as
first announced on 15 May 2023.
As previously announced, Celsius and Silvercorp entered into a
term sheet which outlined the non-binding key terms upon which,
amongst other things, Silvercorp would acquire 100% of the issued
capital of Celsius pursuant to a scheme of arrangement ("Scheme").
The term sheet also contemplated an inter-conditional spin-out of
the combined Sagay (Philippines) and Opuwo Cobalt (Namibia)
projects ("Demerger").
The parties have substantially completed the negotiations with
regards to the legally binding agreements for the Scheme and
Demerger as contemplated. However, following initial feedback
received by Celsius from its shareholders, the Company has sought
to advance discussions with Silvercorp regarding a number of key
commercial aspects of the transaction.
The period of exclusivity under the term sheet has now expired;
however, Celsius remains committed to advancing the discussions
with Silvercorp with a view to executing binding agreements which
are in the best interests of Celsius shareholders as a whole.
Celsius will keep the market updated on the transaction in
accordance with its continuous disclosure obligations.
This announcement has been authorised by the Board of Directors
of Celsius Resources Limited.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018.
Celsius Resources Contact Information
Level 5, 191 St. Georges Terrace
Perth WA 6000
PO Box 7059
Cloisters Square PO
Perth WA 6850
P: +61 2 8072 1400
E: info@celsiusresources.com.au
W: www.celsiusresources.com
Celsius Resources Limited
Peter Hume P: +61 2 8072 1400
E: info@celsiusresources.com.au
W: www.celsiusresources.com
Multiplier Media
(Australia Media Contact)
Jon Cuthbert M: +61 402 075 707
E: jon.cuthbert@multiplier.com.au
Tavistock Communications
(UK Media and Investor Relations) +44 (0) 207 628 3396
Charles Vivian M: 0044 7977297903
E: charles.vivian@tavistock.co.uk
Tara Vivian-Neal M: 0044 7394408654
E: tara.vivian-neal@tavistock.co.uk
Beaumont Cornish Limited
(Nominated Adviser)
Roland Cornish/Felicity Geidt/Andrew
Price +44 (0) 207 628 3396
SPAngel
(Broker)
John Meyer/Ewan Leggat/Harry Davies-Ball +44 20 3470 0470
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END
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August 02, 2023 03:07 ET (07:07 GMT)
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