OreCorp Limited (ASX: ORR) announces an amendment to its proposed acquisition by Silvercorp Metals Inc. (TSX/NYSE American: SVM). The Scheme Implementation Deed has been revised, increasing the cash consideration from AU$0.15 to AU$0.19 per share, along with retaining the scrip consideration of 0.0967 Silvercorp common shares. This results in a total implied consideration of AU$0.543 per OreCorp share, representing a 26.7% increase in cash consideration, a 24.9% premium to the closing price on August 4, 2023, and a 12.0% premium to the closing price on November 21, 2023.
The OreCorp Board unanimously recommends shareholders vote in favor of the Revised Scheme, subject to conditions. The Scheme meeting is scheduled for December 8, 2023, with support from key stakeholders and progress in integration with Silvercorp. The Tanzanian Fair Competition Commission has granted unconditional approval to the transaction. OreCorp CEO Henk Diederichs expresses confidence in delivering value to shareholders.
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