FINWIRES · TerminalLIVE
FINWIRES

Update: Silvercorp Metals Declares Receipt of Common Shares Related to Santa Barbara Acquisition

By

(Adds ticker for Tincorp Metals in first paragraph)

Silvercorp Metals (SVM.TO) has acquired beneficial ownership of 15 million common shares under a share purchase agreement with Tincorp Metals (TIN.V) 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.

Related Articles

Mining & Metals

Silvercorp Metals Declares Receipt of Common Shares Related to Santa Barbara Acquisition

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.

$SVM.TO
Mining & Metals

Trilogy Metals Announcing Acceptance of Alaska's High-Grade Arctic Copper-Zinc-Lead-Gold-Silver Project into the FAST-41 Federal Permitting Program

$TMQ.TO
Mining & Metals

Ballard Announced Resignation Of Weichai's Nominee Directors and Sale Of Weichai's Shares

Ballard Power Systems (NASDAQ and TSX: BLDP) overnight Thursday announced the resignation of Weichai board nominees, Michael Chen and Huajie Wang, from Ballard's Board of Directors effective May 13.The resignations follow the sale of approximately 6.9 million Ballard common shares by Weichai Power through its subsidiary, Weichai Power Hong Kong International Development Co., Ltd., Ballard said. As a result of the share sales, Weichai now owns less than 15% of Ballard's outstanding shares and is no longer entitled to appoint two nominees to Ballard's board of directors under the terms of its investor rights agreement with Ballard, prompting the resignations by Chen and Wang. Going forward, Weichai will no longer be entitled to appoint nominees to Ballard's board, Ballard added."Ballard appreciates Weichai's support and partnership and thanks Michael and Huajie for their contributions as board members in our joint effort to advance fuel cell commercialization opportunities in China and globally," said Jim Roche, Chair of Ballard's Board of Directors.Shares in Ballard were at last look down 2.6% in US premarket, having lost 0.24% in regular US trade yesterday. Ballard edged down $0.01 to $5.67 in Canada yesterday.

$BLDP.TO