Rochester,NY 6/27/2009 2:30:03 AM
SVM - Silvercorp Metals Inc. Formally Commences Offer to Acquire All of the Outstanding Shares of Klondex Mines Ltd
Silvercorp Metals Inc
Morning Movers - SVM - Silvercorp Metals Inc. Formally Commences Offer to Acquire All of the Outstanding Shares of Klondex Mines Ltd.- Sourced WhisperFromWallStreet.com
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Silvercorp Metals Inc,SVM
After Hours: 3.50 Down 0.01 (0.28%) 3:21PM ET
Silvercorp Metals Inc. (TSX: SVM)(AMEX: SVM) ("Silvercorp") announced today that it has formally commenced its offer to acquire all of the outstanding common shares of Klondex Mines Ltd. (TSX: KDX) ("Klondex"). Silvercorp will today deliver to Klondex's principal office and file with the Canadian securities regulators and with the SEC its formal offer and take-over bid circular (together, the "Circular"). The circular will be sent to Klondex shareholders shortly following Silvercorp's receipt of Klondex's shareholder list, which was formally requested on June 5, 2009.
the last trading day prior to Silvercorp's announcement of its intention to make the Offer, the closing prices of the Silvercorp common shares were C$4.36 on the TSX and $3.86 on the NYSE Amex, respectively and the closing price of the Klondex common shares was C$1.37 on the TSX.
About
Silvercorp Metals Inc., together with its subsidiaries, engages in the acquisition, exploration, development, and mining of silver, gold, lead, and zinc related mineral properties in the People?s Republic of China. It operates four silver-lead-zinc mines in Ying Mining Camp, Henan Province; and GC&SMT property in Guangdong Province. Silvercorp Metals Inc. is headquartered in Vancouver, Canada.
Last Trade: 3.50
Day's Range: 3.45 - 3.67
52wk Range: 0.92 - 6.12
Volume: 530,101
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