Disseminated on behalf of Silvercorp Metals Inc. and includes paid advertisement
Silvercorp Metals (TSX: SVM) (NYSE American: SVM) announced that it has completed the acquisition of Chaarat ZAAV CJSC pursuant to its previously disclosed share purchase agreement with Chaarat Gold Holdings Limited, following the Kyrgyz government’s issuance of a waiver of its statutory pre-emptive right and Silvercorp’s $92 million payment to Chaarat. As part of the transaction, Silvercorp will convert ZAAV into a joint venture company with Kyrgyzaltyn, a wholly owned subsidiary of the Kyrgyz Republic, with Silvercorp holding a 70% operating interest and Kyrgyzaltyn holding a 30% free-carried interest. The joint venture will apply to extend the mining license for the Tulkubash and Kyzyltash gold projects from June 25, 2032 to June 25, 2062, after which Silvercorp will make a $60 million payment to the National Investment Agency under the President of the Kyrgyz Republic.
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