Silvercorp Metals Inc. (TSX:SVM) agreed to acquire OreCorp Limited (ASX:ORR) from Rollason Pty Ltd. and others for approximately AUD240 million on August 5, 2023. Existing OreCorp shareholders will own 17.8% of Silvercorp?s common shares outstanding on a fullydiluted in-the-money basis following implementation of the Scheme. The Scheme is subject to various customary closing conditions, including OreCorp shareholder and board approval and Court approval. OreCorp shareholders approving the Scheme at the Scheme Meeting; Approval of the Federal Court of Australia; Completion of the Placement; Tanzanian Fair Competition Commission and any other applicable approvals; Foreign Investment Review Board approval in Australia. The Silvercorp and OreCorp Board has also unanimously approved the transaction. Orecorp and Silvercorp met with key Tanzanian Government stakeholders including the Treasury Registrar and the Minister of Minerals. The Government is supportive of the transaction, underpinning Her Excellency Samia Suluhu Hassan?s mantra that Tanzania is open for international investment. The companies are looking forward to the continued support from key Government stakeholders. A break fee of approximately AUD2.8 million shall be payable by OreCorp to Silvercorp if the Agreement is terminated as a result of certain specified circumstances. Tanzanian Fair Competition Commission has now provided its unconditional approval to the proposed transaction. As reported in Silvercorp?s news release of November 16, 2023, Silvercorp has received the sole Tanzanian regulatory approval required to complete the Transaction.
David Sadowski and Matthew Reimer of Canaccord Genuity Corp. is acting as financial advisor to Silvercorp. King & Wood Mallesons, Australia and A&K Tanzania are acting as Silvercorp?s Australian and Tanzanian legal advisors, respectively. CIBC Capital Markets is acting as financial advisor to OreCorp. Allen & Overy and REX Attorneys are acting as OreCorp?s Australian and Tanzanian legal advisors, respectively.

Silvercorp Metals Inc. (TSX:SVM) cancelled the acquisition of OreCorp Limited (ASX:ORR) from Rollason Pty Ltd. and others on December 27, 2023.