REG - Celsius Resources Ld - Update on transaction with Silvercorp Metals

Celsius ResourcesAnnouncement

02/08/2023 08:15

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RNS Number : 0434I  Celsius Resources Limited  02 August 2023

 

ASX/AIM RELEASE

2 August 2023

 

Update on transaction with Silvercorp Metals, Inc.

 

Celsius Resources Limited ("CLA", "Celsius" or the "Company") (ASX, AIM: CLA)
wishes to provide an update in respect of its proposed transaction with
Silvercorp Metals Inc. (Silvercorp) as first announced on 15 May 2023.

As previously announced, Celsius and Silvercorp entered into a term sheet
which outlined the non-binding key terms upon which, amongst other things,
Silvercorp would acquire 100% of the issued capital of Celsius pursuant to a
scheme of arrangement ("Scheme"). The term sheet also contemplated an
inter-conditional spin-out of the combined Sagay (Philippines) and Opuwo
Cobalt (Namibia) projects ("Demerger").

The parties have substantially completed the negotiations with regards to the
legally binding agreements for the Scheme and Demerger as contemplated.
However, following initial feedback received by Celsius from its shareholders,
the Company has sought to advance discussions with Silvercorp regarding a
number of key commercial aspects of the transaction.

The period of exclusivity under the term sheet has now expired; however,
Celsius remains committed to advancing the discussions with Silvercorp with a
view to executing binding agreements which are in the best interests of
Celsius shareholders as a whole.

Celsius will keep the market updated on the transaction in accordance with its
continuous disclosure obligations.

 

This announcement has been authorised by the Board of Directors of Celsius
Resources Limited.

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the
European Union (Withdrawal) Act 2018.

 

 

 

Celsius Resources Contact Information

Level 5, 191 St. Georges Terrace

Perth WA 6000

 

PO Box 7059

Cloisters Square PO

Perth WA 6850

 

P: +61 2 8072 1400

E: info@celsiusresources.com.au (mailto:info@celsiusresources.com.au)

W: www.celsiusresources.com (http://www.celsiusresources.com)

 

 Celsius Resources Limited
 Peter Hume                                P: +61 2 8072 1400

                                           E: info@celsiusresources.com.au (mailto:info@celsiusresources.com.au)

                                           W: www.celsiusresources.com (http://www.celsiusresources.com)
 Multiplier Media

 (Australia Media Contact)
 Jon Cuthbert                              M: +61 402 075 707

                                           E: jon.cuthbert@multiplier.com.au (mailto:jon.cuthbert@multiplier.com.au)

 Tavistock Communications                  +44 (0) 207 628 3396

 (UK Media and Investor Relations)
 Charles Vivian                            M: 0044 7977297903

                                           E: charles.vivian@tavistock.co.uk

 Tara Vivian-Neal                          M: 0044 7394408654

                                           E: tara.vivian-neal@tavistock.co.uk

 

 Beaumont Cornish Limited

 (Nominated Adviser)

 Roland Cornish/Felicity Geidt/Andrew Price   +44 (0) 207 628 3396

 SPAngel

 (Broker)

 John Meyer/Ewan Leggat/Harry Davies-Ball     +44 20 3470 0470

 

 

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