Trading Symbol TSX: SVM
NYSE
AMERICAN: SVM
VANCOUVER, BC, Sept. 17, 2024 /CNW/ - Silvercorp Metals
Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE
American: SVM) is pleased to announce a normal course issuer
bid ("NCIB") commencing September 19,
2024, to acquire up to 8,670,700 of its own common shares,
representing approximately 4% of the 216,767,513 common shares
issued and outstanding as of September 5,
2024. The repurchase program will expire September 18, 2025. The NCIB is being implemented
to provide enhanced flexibility should market conditions result in
Silvercorp's shares being undervalued relative to the value of its
mining and corporate assets.
Purchases will be made at the discretion of the directors at
prevailing market prices, through the facilities of the TSX, the
NYSE American, and alternative trading systems in Canada and the
United States, in compliance with regulatory requirements.
There can be no assurance as to the precise number of shares that
will be repurchased under the NCIB. Silvercorp may discontinue its
purchases at any time, subject to compliance with applicable
regulatory requirements. The Company will cancel all shares
acquired under the NCIB. The price the Company will pay for
the common shares will be the market price at the time of
purchase.
The Company is not aware of any officers, directors or persons
holding 10% or more of the securities that intend to sell their
securities at the inception of the NCIB, but such officers,
directors or persons holding 10% or more of the securities may sell
their securities during the course of the NCIB, as their personal
circumstances may require. If during the course of the NCIB the
Company becomes aware that officers, directors or persons holding
10% or more of the securities intend to sell their securities, then
the Company will not intentionally acquire such securities.
The maximum number of shares that may be purchased on the TSX
during any trading day may not exceed 101,257 common shares of the
Company, which is 25% of the average daily trading volume on the
TSX based on the previous six completed calendar months of 405,031.
This limit, for which there are permitted exceptions, is determined
in accordance with TSX regulatory requirements and does not apply
to purchases made by the Company on the alternative trading systems
in the United States.
The NCIB is a continuation of the program approved in
September 2023 (the "2023 NCIB"),
for the period from September 19, 2023 to September 18, 2024, to acquire up to 8,487,191
common shares of the Company, representing approximately 4.8% of
the 176,816,488 common shares issued and outstanding as of
September 5, 2023. All
191,770 shares acquired on TSX, NYSE American or alternative
trading systems in Canada and
the United States under the 2023
NCIB at a weighted average price of CAD$3.16 were cancelled.
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 cashflow from long-life mines; 2)
organic growth through extensive drilling for discovery; 3) ongoing
merger and acquisition efforts to unlock value; and 4) a long-term
commitment to responsible mining and ESG. For more information,
please visit our website at www.silvercorpmetals.com.
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.silvercorpmetals.com
CAUTIONARY DISCLAIMER - FORWARD-LOOKING STATEMENTS
Certain of the statements and information in this news
release constitute "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 Canadian and US securities laws (collectively,
"forward-looking statements"). Any statements or information that
express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions
or future events or performance (often, but not always, using words
or phrases such as "expects", "is expected", "anticipates",
"believes", "plans", "projects", "estimates", "assumes", "intends",
"strategies", "targets", "goals", "forecasts", "objectives",
"budgets", "schedules", "potential" or variations thereof or
stating that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved, or the
negative of any of these terms and similar expressions) are not
statements of historical fact and may be forward-looking
statements. Forward-looking statements relate to, among other
things: the normal course issuer bid hereof; the price of silver
and other metals; foreign exchange rates; the accuracy of mineral
resource and mineral reserve estimates at the Company's material
properties; the sufficiency of the Company's capital to finance the
Company's operations; estimates of the Company's revenues
operation costs, and capital expenditures; estimated
production from the Company's; timing of receipt of permits and
regulatory approvals; availability of funds from production to
finance the Company's operations; and access to and availability of
funding for future construction, use of proceeds from any financing
and development of the Company's properties; and our intention to
repurchase up to 4% of our common shares, including the expected
timing, duration, volume and nature of such stock repurchase
program.
Actual results may vary from forward-looking statements.
Forward-looking statements are subject to a variety of known and
unknown risks, uncertainties and other factors that could cause
actual events or results to differ from those reflected in the
forward-looking statements, including, without limitation, risks
relating to:; fluctuating commodity prices; calculation of
resources, reserves and mineralization and precious and base metal
recovery; interpretations and assumptions of mineral resource and
mineral reserve estimates; exploration and development programs;
feasibility and engineering reports all necessary permits,
licenses and regulatory approvals for our operations are received
in a timely manner; title to properties; property interests; joint
venture partners; acquisition of commercially mineable mineral
rights; financing; recent market events and conditions; economic
factors affecting the Company; timing, estimated amount, capital
and operating expenditures and economic returns of future
production; integration of future acquisitions into the Company's
existing operations; competition; operations and political
conditions; regulatory environment in China, Canada
and Ecuador; environmental risks;
regulatory investigations, claims and legal proceeding, foreign
exchange rate fluctuations; insurance; risks and hazards of mining
operations; key personnel; conflicts of interest; dependence on
management; global economic and social impact of COVID-19; internal
control over financial reporting; and bringing actions and
enforcing judgments under U.S. securities laws.
This list is not exhaustive of the factors that may affect
any of the Company's forward-looking statements. Forward-looking
statements are statements about the future and are inherently
uncertain, and actual achievements of the Company or other future
events or conditions may differ materially from those reflected in
the forward-looking statements due to a variety of risks,
uncertainties and other factors, including, without limitation,
those referred to in the Company's Annual Information Form under
the heading "Risk Factors" and in the Company's Annual Report on
Form 40-F, and in the Company's other filings with Canadian and
U.S. securities regulators. Although the Company has
attempted to identify important factors that could cause actual
results to differ materially, there may be other factors that cause
results not to be as anticipated, estimated, described or
intended. Accordingly, readers should not place undue
reliance on forward-looking statements.
The Company's forward-looking statements are based on the
assumptions, beliefs, expectations and opinions of management as of
the date of this news release, and other than as required by
applicable securities laws, the Company does not assume any
obligation to update forward-looking statements if circumstances or
management's assumptions, beliefs, expectations or opinions should
change, or changes in any other events affecting such statements.
Assumptions may prove to be incorrect and actual results may differ
materially from those anticipated. Consequently, guidance cannot be
guaranteed. For the reasons set forth above, investors should not
place undue reliance on forward-looking statements.
A comprehensive discussion of risks that impact Silvercorp,
and additional information relating to the Company including
Silvercorp's Annual Information Form can be obtained under the
Company's profile on SEDAR+ at www.sedarplus.ca, on EDGAR at
www.sec.gov, and on the Company's website at
www.silvercorpmetals.com.
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SOURCE Silvercorp Metals Inc