Celsius Resources extends exclusivity period with Silvercorp

(Alliance News) - Celsius Resources Ltd on Tuesday said it has agreed to extend its exclusivity period with Silvercorp Metals Inc, a month after Silvercorp agreed to buy the company.

Celsius Resources is a copper-gold exploration and development company in the Philippines, Namibia and Australia.

In May, Celsius said Silvercorp has proposed to acquire all its shares for AUD0.03 per share, or GBP0.016. The consideration in exchange would comprise 90% Silvercorp shares and 10% in cash.

Shares in Celsius Resources were untraded at 1.28 pence each in London on Tuesday. They closed flat at AUD0.024 in Sydney.

Celsius said the proposed acquisition is valued at approximately GBP30.2 million. If it is completed, Silvercorp will issue approximately 9.7 million shares at about GBP2.74 each.

By Sophie Rose, Alliance News reporter

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