2nd Aug 2023 14:06
Celsius Resources Ltd - copper-gold exploration and development company in the Philippines, Namibia and Australia - Says it has substantially completed negotiations with Silvercorp Metals Inc regarding the legally binding agreements for the scheme and demerger. Following feedback from shareholders, Celsius has sought to advance discussions with Silvercorp regarding key commercial aspects of the transaction. The period of exclusivity under the term sheet has expired, but Celsius says it "remains committed to advancing the discussions with Silvercorp" and to execute binding agreements.
This follows the announcement on May 15 that Silvecorp Metals Inc had agreed to buy the company in exchange for Silvercorp shares. Celsius said the proposed acquisition is valued at approximately GBP30.2 million. If it is completed, Silvercorp will issue approximately 9.7 million shares at about GBP2.74 each.
Current stock price: 1.20 pence, down 11%
12-month change: up 33%
By Will Neill, Alliance News reporter
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