Disseminated on behalf of Silvercorp Metals and may include paid advertising.
Silvercorp Metals (TSX: SVM) (NYSE American: SVM) announced it has signed a Share Purchase Agreement with Chaarat Gold Holdings Limited and a Cooperation Agreement with the National Investment Agency under the President of the Kyrgyz Republic to acquire a 70% interest in Chaarat ZAAV CJSC, which holds the fully permitted Tulkubash and Kyzyltash gold projects and surrounding exploration licenses in the Tian Shan region of the Kyrgyz Republic, for cash consideration of $162 million. Upon closing, ZAAV will be converted into a joint venture company with Kyrgyzaltyn, in which Silvercorp will hold a 70% operating interest and Kyrgyzaltyn a 30% free-carried interest. Under the agreements, the National Investment Agency will receive $70 million in staged payments tied to government waivers and license extensions, while Chaarat will receive $92 million conditional on receipt of the Kyrgyz Government waiver, which has now been issued, allowing Silvercorp to proceed toward closing.
To view the full press release, visit https://ibn.fm/rBb1z
About Silvercorp
Silvercorp is a Canadian mining company producing silver, gold, lead, and zinc with a long history of profitability and growth potential. The Company’s strategy is to create shareholder value by 1) focusing on generating free cash flow from long life mines; 2) organic growth through extensive drilling for discovery; 3) ongoing merger and acquisition efforts to unlock value; and 4) long term commitment to responsible mining and ESG.
NOTE TO INVESTORS: The latest news and updates relating to SVM are available in the company’s newsroom at https://ibn.fm/SVM
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