- Silvercorp Metals (TSX:SVM) has accepted the takeover bid by rival suitor Perseus Mining Ltd. (TSX:PRU) for African gold explorer OreCorp Ltd. (ASX:ORR)
- Silvercorp’s acceptance was for a total of 73.8 million OreCorp shares, which represent 15.61 per cent of its shares on issue
- The company has agreed to sell its shareholding in OreCorp to Perseus, which takes Perseus’ interest in OreCorp to nearly 75 per cent
- Silvercorp Metals Inc. opened trading at C$5.00 per share, and Perseus Mining Ltd. opened at C$2.06 per share
Silvercorp Metals (TSX:SVM) has accepted the takeover bid by rival suitor Perseus Mining Ltd. (TSX:PRU) for African gold explorer OreCorp Ltd. (ASX:ORR).
Silvercorp’s acceptance was for a total of 73.8 million OreCorp shares, which represent 15.61 per cent of its shares on issue. The company has agreed to sell its shareholding in OreCorp to Perseus, which takes Perseus’ interest in OreCorp to nearly 75 per cent.
Perseus has a relevant interest in 355 million OreCorp shares, representing 74.98 per cent of that company’s stock.
Silvercorp had been trying to execute a takeover of OreCorp since December 2023, but the offer expired in March 2024. There was a point in January where each OreCorp director had accepted Silvercorp’s offer and recommend that shareholders accept it. Unless extended, the offer is open until April 19, 2024.
Silvercorp is a Canadian mining company producing silver, gold, lead and zinc with a long history of profitability and growth potential.
OreCorp is a mineral development company whose key project is the Nyanzaga Gold Project, a pre-development project in northwest Tanzania with a reported Probable Ore Reserve of 40.08 metric tons (Mt) at 2.02 g/t gold for 2.60 million ounces of gold.
Perseus Mining Ltd. is an Australia-based gold producer, developer and explorer that also conducts mineral exploration and evaluation activities in Africa.
Silvercorp Metals Inc. opened trading at C$5.00 per share and the stock is up nearly 42 per cent over the past month.
Perseus Mining Ltd. opened at C$2.06 per share and the stock is up just over 12 per cent over the past month.
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