BUZZ-Silvercorp Metals slips after $130 mln convertible offering

Reuters11-21 22:21

** U.S.-listed shares of Silvercorp Metals down 3.9% premarket at $3.42 after Canadian miner's capital raise ** Vancouver-based firm early Thurs announced pricing $130 mln 4.75% 5-yr convertible bond offering

** Initial conversion price of $4.63 (equivalent to C$6.48), represents 30% premium to last sale of U.S. shares

** SVM on Weds tumbled 12.1% to close at $3.56, an over 2-mth low, after co launched the offering ** Co intends to use net offering proceeds for construction of copper-gold mining projects outside of China, for exploration/development of other projects, and working capital

** Through Weds, shares up 35% YTD giving co ~$777 mln market cap, per LSEG data

** Stock's one-year high is $5.32 (Oct 21) and one-year low is $2.22 (Feb 13)

(Lance Tupper is a Reuters market analyst. The views expressed are his own) ((lance.tupper.thomsonreuters.com@reuters.net lance.tupper@tr.com 1-646-279-6380))

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