Australia's Orecorp soars on buyout offer from Canada's Silvercorp

Orecorp

07/08/2023 02:20

** Shares of Orecorp  ORR.AX  advance as much as 16.1% to
A$0.505, their highest since April 14 
    ** The mineral explorer says Canada-based Silvercorp Metals
 SVM.TO  has agreed to buy the company with an implied total
consideration of A$239.4 million ($157.48 million), in a
part-cash and part-stock deal
    ** Total implied consideration of A$0.60 per OreCorp Share
is at a 31.5% premium to OreCorp's closing share price on Aug 4 
    ** Adds Silvercorp to provide A$28 million in funding via
equity placement to immediately advance development of its
Nyanzaga Gold Project in Tanzania 
    ** Orecorp stock has fallen ~6.5% this year as of last close
    
    


($1 = 1.5202 Australian dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))