In a press release dated September 17, 2024, Silvercorp Metals Inc. (TSX: SVM) (NYSE American: SVM) announced the commencement of a normal course issuer bid (NCIB) on September 19, 2024. The purpose of the NCIB is to acquire up to 8,670,700 of its own common shares, representing approximately 4% of the total 216,767,513 common shares issued and outstanding as of September 5, 2024. The repurchase program will expire on September 18, 2025. This initiative is intended to provide flexibility in case market conditions undervalue Silvercorp’s shares relative to its mining and corporate assets.
The company plans to make purchases 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. The exact number of shares to be repurchased under the NCIB is uncertain, and Silvercorp reserves the right to discontinue purchases at any time, while canceling all shares acquired under the program. The purchase price of the common shares will be based on the market price at the time of acquisition.
While the company is not currently aware of any officers, directors, or persons holding 10% or more of the securities intending to sell their shares at the start of the NCIB, these individuals may sell their securities during the program if required by personal circumstances. Limits on share purchases on the TSX are set in accordance with regulatory requirements, with exceptions allowing for purchases on alternative trading systems in the United States.
The NCIB announcement follows a prior program approved in September 2023 to acquire up to 8,487,191 common shares, equivalent to around 4.8% of the total common shares issued and outstanding as of September 5, 2023.
Silvercorp Metals Inc. is a Canadian mining company focused on producing silver, gold, lead, and zinc. Their strategy includes generating free cash flow from long-life mines, expanding through drilling for discoveries, pursuing mergers and acquisitions to unlock value, and prioritizing responsible mining and ESG initiatives. For more information, visit the company’s website at www.silvercorpmetals.com.
For additional information, interested parties can contact Silvercorp Metals Inc. at the following contact details: Lon Shaver, President, Phone: (604) 669‐9397, Toll-Free 1(888) 224‐1881, Email: [email protected], Website: www.silvercorpmetals.com.
The forward-looking statements in this document reflect the company’s intentions regarding the NCIB and various aspects of its operations and financial performance. Investors are advised to consult the company’s filings with securities regulators for a detailed discussion of risks and other factors that could impact actual results compared to forward-looking statements.
