Silvercorp Metals to Acquire Adventus Mining in C$200M Transaction

Dow Jones04-26

By Adriano Marchese

Silvercorp Metals is set to acquire Adventus Mining in a all-stock transaction worth about 200 million Canadian dollars ($146.4 million).

In a joint statement on Friday, the two companies said they have entered into a definitive arrangement agreement for Silvercorp to acquire all issued and outstanding shares of Adventus.

Under the terms of the deal, Adventus shareholders will receive 0.1015 of one Silvercorp share for each of their Adventus shares, which implies a price of C$0.50 per Adventus share.

Adventus shares have climbed in 2024, rising about 58% year-to-date and closing on Thursday at C$0.42. The exchange also represents a premium of 31% based on the 20-day volume-weighted average price of Silvercorp on the TSX and Adventus on the TSX Venture Exchange.

At closing, existing Silvercorp and Adventus shareholders will own about 81.6% and 18.4%, respectively, and the companies said that the transaction is accretive on a net asset value per share, as well as on a mineral reserves basis.

The pro forma asset portfolio of a combined company would consist of exposure to China and Ecuador, through Adventus' majority-owned El Domo project under development.

It will also increase gold exposure, as well as metals such as silver, copper, lead and zinc, the companies said.

While the board of Adventus have unanimously approved the transaction, the deal will require certain court approvals, and the approval of Adventus securityholders at a special meeting expected to be held on June 28.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

April 26, 2024 06:23 ET (10:23 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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