NetworkNewsBreaks – Silvercorp Metals Inc. (TSX: SVM) (NYSE American: SVM) Signs Agreement To Acquire 70% Interest In Kyrgyz Gold Projects For $162 Million
Disseminated on behalf of Silvercorp Metals and may include paid advertising.
Silvercorp Metals (TSX: SVM) (NYSE American: SVM) announced it has signed a Share Purchase Agreement with Chaarat Gold Holdings Limited and a Cooperation Agreement with the National Investment Agency under the President of the Kyrgyz Republic to acquire a 70% interest in Chaarat ZAAV CJSC, which holds the fully permitted Tulkubash and Kyzyltash gold projects and surrounding exploration licenses in the Tian Shan region of the Kyrgyz Republic, for cash consideration of $162 million. Upon closing, ZAAV will be converted into a joint venture company with Kyrgyzaltyn, in which Silvercorp will hold a 70% operating interest and Kyrgyzaltyn a 30% free-carried interest. Under the agreements, the National Investment Agency will receive $70 million in staged payments tied to government waivers and license extensions, while Chaarat will receive $92 million conditional on receipt of the Kyrgyz Government waiver, which has now been issued, allowing Silvercorp to proceed toward closing.
NOTE TO INVESTORS: The latest news and updates relating to SVM are available in the company’s newsroom at https://nnw.fm/SVM
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or republished: http://NNW.fm/Disclaimer
Disseminated on behalf of Silvercorp Metals and may include paid advertising.
Silvercorp Metals (TSX: SVM) (NYSE American: SVM) announced it has signed a Share Purchase Agreement with Chaarat Gold Holdings Limited and a Cooperation Agreement with the National Investment Agency under the President of the Kyrgyz Republic to acquire a 70% interest in Chaarat ZAAV CJSC, which holds the fully permitted Tulkubash and Kyzyltash gold projects and surrounding exploration licenses in the Tian Shan region of the Kyrgyz Republic, for cash consideration of $162 million. Upon closing, ZAAV will be converted into a joint venture company with Kyrgyzaltyn, in which Silvercorp will hold a 70% operating interest and Kyrgyzaltyn a 30% free-carried interest. Under the agreements, the National Investment Agency will receive $70 million in staged payments tied to government waivers and license extensions, while Chaarat will receive $92 million conditional on receipt of the Kyrgyz Government waiver, which has now been issued, allowing Silvercorp to proceed toward closing.
NOTE TO INVESTORS: The latest news and updates relating to SVM are available in the company’s newsroom at https://nnw.fm/SVM
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or republished: http://NNW.fm/Disclaimer
