Mr. Lon Shaver of Silvercorp reports
SILVERCORP ELECTS NOT TO MATCH SUPERIOR PROPOSAL FOR GUYANA GOLDFIELDS
Further to Guyana Goldfields Inc.'s press release of June 3, 2020, announcing receipt of a superior proposal from a third party, Silvercorp Metals Inc. has elected not to exercise its right to match and will not increase the consideration payable to Guyana Goldfields shareholders under its arrangement agreement with Guyana Goldfields. In the event Guyana Goldfields terminates the arrangement agreement, Silvercorp will receive a termination fee of $9.0-million concurrent with such termination.
Silvercorp is a profitable Canadian mining company producing silver, lead and zinc metals in concentrates from mines in China. The company's goal is to continuously create healthy returns to shareholders through efficient management, organic growth and the acquisition of profitable projects.
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