Silvercorp Metals (SVM.TO) has acquired beneficial ownership of 15 million common shares under a share purchase agreement with Tincorp Metals and Silvercorp subsidiary Adventus Mining, the company said late on Thursday.
The common share issuance was made in connection with Tincorp's acquisition of the Santa Barbara gold-copper project in Ecuador.
The shares were acquired as partial consideration for the Santa Barbara acquisition and for investment purposes.
On May 13, Tincorp issued 43.8 million common shares and 21.9 million common share purchase warrants upon conversion of the 43.8 million subscription receipts issued by Tincorp on March 24.
Prior to the conversion and the acquisition, Silvercorp owned 20.7 million common shares, representing about 28.9% of the issued and outstanding common shares.
Following the conversion, Silvercorp owned about 17.9% of the issued and outstanding common shares.
In connection with the closing of the Santa Barbara acquisition, Tincorp issued the consideration shares to Adventus, resulting in Silvercorp owning 35.7 million common shares, representing about 27.4% of the issued and outstanding common shares.