Trading Symbols: TSX/NYSE AMERICAN: SVM
VANCOUVER, BC, July 31,
2024 /CNW/ - Silvercorp Metals Inc.
("Silvercorp" or the "Company") (TSX: SVM) (NYSE American:
SVM) is pleased to announce that it will proceed to close the
acquisition of Adventus Mining Corporation ("Adventus") pursuant to
the arrangement agreement (the "Arrangement Agreement") under which
the Company agreed to acquire all of the issued and outstanding
common shares of Adventus by way of a plan of arrangement (the
"Transaction") as announced on April 26,
2024.
On July 5, 2024, Silvercorp
announced it considered the litigation referred to in the Adventus
news release of June 17, 2024, which
sought to void the environmental licence of the Curipamba-El Domo
project (the "Project"), a Material Adverse Effect, as defined
in the Arrangement Agreement, in respect of Adventus. The
litigation was brought by a group of plaintiffs concerning the
environmental consultation process for the Project.
A positive development has occurred with respect to this
litigation. Adventus announced on July 25,
2024, the local court in Las Naves Canton, Bolívar Province,
Ecuador rejected the litigation on
July 24, 2024. The Court ruled that
the Ecuadorean government correctly discharged its environmental
consultation obligations prior to issuing an environmental licence
for the Project. The Court has not yet released written reasons for
its judgement, and the plaintiffs have given notice of their
intention to appeal (the "Appeal") to the relevant provincial
court.
With this local court ruling in favour of Adventus, Silvercorp
believes that all conditions to closing are satisfied and will
proceed to close the Transaction on July 31,
2024.
For further information
Silvercorp Metals Inc.
Lon Shaver
President
Phone: (604) 669-9397
Toll Free 1(888) 224-1881
Email: investor@Silvercorp.ca
Website: www.Silvercorp.ca
CAUTIONARY DISCLAIMER - FORWARD LOOKING
STATEMENTS
This news release includes "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 securities laws relating to, among
other things, the anticipated benefits of the Transaction, the
strategic rationale for the Transaction, the anticipated use of the
proceeds of the Placement, the timing and anticipated receipt of
required shareholder, regulatory court, stock exchange or other
approvals, the ability of the parties to satisfy the other
conditions to the closing of the Transaction and the anticipated
timing for closing of the transaction. Forward-looking information
may in some cases be identified by words such as "will",
"anticipates", "expects", "intends" and similar expressions
suggesting future events or future performance.
We caution that all forward-looking information is inherently
subject to change and uncertainty and that actual results may
differ materially from those expressed or implied by the
forward-looking information. A number of risks, uncertainties and
other factors, including the Appeal or subsequent developments in
the litigation and potential impacts of the Appeal or such
subsequent litigation developments on the Project, could cause
actual results and events to differ materially from those expressed
or implied in the forward-looking information or could cause our
current objectives, strategies and intentions to change.
Accordingly, we warn investors to exercise caution when considering
statements containing forward-looking information and that it would
be unreasonable to rely on such statements as creating legal rights
regarding our future results or plans. We cannot guarantee that any
forward-looking information will materialize and you are cautioned
not to place undue reliance on this forward-looking information.
Any forward-looking information contained in this news release
represent expectations as of the date of this news release and are
subject to change after such date. However, we are under no
obligation (and we expressly disclaim any such obligation) to
update or alter any statements containing forward-looking
information, the factors or assumptions underlying them, whether as
a result of new information, future events or otherwise, except as
required by law. All of the forward-looking information in this
news release is qualified by the cautionary statements
herein.
Forward-looking information is provided herein for the
purpose of giving information about the Transaction referred and
its expected impact. Readers are cautioned that such information
may not be appropriate for other purposes. Completion of the
Transaction is subject to customary closing conditions, termination
rights and other risks and uncertainties including court and
shareholder approval. Accordingly, there can be no assurance that
the Transaction will occur, or that it will occur on the terms and
conditions contemplated in this news release. The Transaction could
be modified, restructured or terminated. There can also be no
assurance that the strategic benefits expected to result from the
Transaction will be fully realized. In addition, if the transaction
is not completed, and each of the parties continues as an
independent entity, there are risks that the announcement of the
Transaction and the dedication of substantial resources of each
party to the completion of the Transaction could have an impact on
such party's current business relationships (including with future
and prospective employees, customers, distributors, suppliers and
partners) and could have a material adverse effect on the current
and future operations, financial condition and prospects of such
party.
A comprehensive discussion of other risks that impact
Silvercorp can also be found in their public reports and filings
which are available under its profile at www.sedarplus.ca.
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SOURCE Silvercorp Metals Inc