News & Media
Silvercorp Closes CAD$31 Million Financing
March 11, 2009
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
VANCOUVER, British Columbia – March 11, 2009 – Silvercorp Metals Inc. (“Silvercorp” or the “Company”), is pleased to announce that it has closed its previously announced bought deal offering of common shares (the "Offering"). Pursuant to the Offering, the Company today issued 10,000,000 common shares at a price of CAD$3.10 per share, for aggregate gross proceeds of CAD$31,000,000 and net proceeds, after payment of underwriting fees and expenses, of CAD$29,235,000.
The net proceeds from the Offering will be used for potential acquisitions, development, working capital and general corporate purposes, allocation of which will be at the Company's discretion. The Company has no definitive acquisition plans at this time.
The offering was made to a syndicate of underwriters led by Raymond James Ltd. and including Salman Partners Inc., Cormark Securities Inc., and Genuity Capital Markets (the “Underwriters”).
The Company has granted to the Underwriters an over-allotment option, exercisable at any time prior to April 10, 2009, to acquire up to an additional 1,500,000 common shares at the issue price of CAD$3.10.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the
About Silvercorp Metals Inc.
Silvercorp Metals Inc.,
The Company’s common shares are included as a component of the S&P/TSX Composite and the S&P/TSX Global Mining Indexes.
For further information: SILVERCORP METALS INC., Rui Feng, Chairman & CEO and Lorne Waldman, Corporate Secretary, Phone: (604) 669-9397, Fax: (604) 669-9387, Email: firstname.lastname@example.org, Website: www.silvercorp.ca.
This press release contains forward-looking statements regarding the Company, including its expectations with regards to the use of proceeds of the Offering. Actual results and developments may differ materially from those contemplated by these statements depending on, among others, such key factors as market conditions, commodity price fluctuations and global political uncertainties. The Company disclaims any intention or obligation to update any forward-looking statement even if new information becomes available as a result of future events or for any other reason.