Silvercorp Metals Inc. and OreCorp Limited agreed to a Bid Implementation Deed (BID) where Silvercorp would acquire all OreCorp shares not already in its possession. The transaction involved an off-market takeover offer, combining 0.0967 Silvercorp common shares and C$0.17 (A$0.19) in cash per OreCorp share, valuing each OreCorp share at C$0.52 (A$0.589). This valuation was based on Silvercorp's 20-day volume weighted average price (VWAP) on U.S. exchanges, converted to Australian dollars.

The offer had minimal conditions: Silvercorp needed a minimum 50.1% interest in OreCorp shares, no regulatory actions impeding the transaction, no significant adverse changes in OreCorp, and approval for listing the new Silvercorp shares. The OreCorp Board unanimously recommended the offer, conditional on an Independent Expert’s Report and absence of a superior proposal.

Dr. Rui Feng, Silvercorp’s CEO, emphasized the limited conditions and approval from the Tanzania Fair Competition Commission. The deal aimed to form a globally diversified precious metals producer, enhancing trading liquidity and investment opportunities in the Nyanzaga Project and Silvercorp’s mining portfolio.

The BID included standard deal protection measures, with a potential C$2.4 million (A$2.8 million) break fee payable by OreCorp to Silvercorp under certain conditions. As of the announcement, Silvercorp held 15.74% of OreCorp’s shares.

Further details on the offer were to be provided in Silvercorp’s Bidder’s Statement and OreCorp’s Target’s Statement, including an Independent Expert’s Report by BDO Corporate Finance. Concurrently, the previous Scheme Implementation Deed was terminated, and a proposed shareholder meeting was to be cancelled.