UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE
ISSUER
PURSUANT TO RULE 13a-16 OR
15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
January 29, 2024
Commission File No. 0001-34184
SILVERCORP
METALS INC.
(Translation of registrant’s name into English)
Suite 1750 - 1066 West Hastings
Street
Vancouver, BC Canada V6E 3X1
(Address of principal executive office)
[Indicate by check mark whether
the registrant files or will file annual reports under cover of Form 20-F or Form 40-F]
Form 20-F [ ] Form
40-F [ X ]
SIGNATURE
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
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|
Dated:
January 29, 2024 |
SILVERCORP METALS INC. |
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/s/ Derek Liu |
|
Derek Liu |
|
Chief Financial Officer |
EXHIBIT INDEX
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EXHIBIT |
DESCRIPTION OF EXHIBIT |
Exhibit 99.1
Silvercorp Satisfies Another Condition in Connection
with OreCorp Offer
Trading Symbol:
TSX: SVM
NYSE AMERICAN: SVM
VANCOUVER, BC, Jan. 29, 2024 /CNW/ - Silvercorp
Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) today announced that it has received
authorization of its supplemental listing application from the NYSE American (the "NYSE-A Authorization") in connection with
Silvercorp's off-market takeover offer (the "Silvercorp Offer") for all of the shares of OreCorp Limited ("OreCorp")
not already owned by Silvercorp for consideration comprising 0.0967 common shares of Silvercorp and A$0.19 cash per OreCorp share (the
"Transaction"), as described in the Company's news release of December 26, 2023.
Receipt of the NYSE-A Authorization marks another
significant step in the Transaction: Silvercorp will now proceed with issuing a notice in accordance with the Australian Corporations
Act that the "Stock Exchange Approvals" condition to the Silvercorp Offer has been satisfied.
As previously announced on January 24, 2024, the Company
received conditional approval from the Toronto Stock Exchange ("TSX"). Final TSX approval is subject to the Company meeting
certain customary conditions required by the TSX.
The Company anticipates that the next significant
step towards completing the Transaction will be a merger-approval decision in relation to the Silvercorp Offer from the Tanzanian Fair
Competition Commission ("FCC"). In early November 2023, Silvercorp obtained FCC approval in respect of the then proposed scheme
of arrangement with OreCorp (the "Existing Approval"). Given this Existing Approval, the minimal additional documentation which
OreCorp and Silvercorp were required to provide to the FCC in the updated application and recent meetings with relevant Tanzanian authorities,
Silvercorp anticipates that it is well positioned to receive the further FCC confirmation and/or approval in respect of the Silvercorp
Offer within an expedited timeframe. As an example, the FCC was willing to reduce the required public notice period from 14 days to 7
days in light of the Existing Approval. Silvercorp currently expects to receive the FCC decision by mid-February 2024 and will provide
further updates on the Transaction as appropriate.
Silvercorp notes that the OreCorp Board has provided
a unanimous recommendation in favour of the Silvercorp Offer, in the absence of a superior proposal and subject to the independent expert's
report concluding, and continuing to conclude, that the Silvercorp Offer is reasonable to OreCorp shareholders.
About Silvercorp
Silvercorp is a Canadian mining company producing
silver, gold, lead, and zinc with a long history of profitability and growth potential. The Company's strategy is to create shareholder
value by 1) focusing on generating free cashflow from long life mines; 2) organic growth through extensive drilling for discovery; 3)
ongoing merger and acquisition efforts to unlock value; and 4) long term commitment to responsible mining and ESG. For more information,
please visit our website at www.silvercorpmetals.com.
For further information
Silvercorp Metals Inc.
Lon Shaver
President
Phone: (604) 669-9397
Toll Free 1(888) 224-1881
Email: investor@silvercorp.ca
Website: www.silvercorpmetals.com
CAUTIONARY DISCLAIMER - FORWARD-LOOKING STATEMENTS
Certain of the statements and information in this
news release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform
Act of 1995 and "forward-looking information" within the meaning of applicable Canadian and US securities laws (collectively,
"forward-looking statements"). Any statements or information that express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words
or phrases such as "expects", "is expected", "anticipates", "believes", "plans", "projects",
"estimates", "assumes", "intends", "strategies", "targets", "goals", "forecasts",
"objectives", "budgets", "schedules", "potential" or variations thereof or stating that certain
actions, events or results "may", "could", "would", "might" or "will" be taken, occur
or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking
statements. Forward-looking statements relate to, among other things: the Transaction; TSX final approval; the recommendation of
the OreCorp board and conclusions of the independent expert; FCC approval; the Company's intentions with respect to the Nyanzaga Project;
statements regarding enhanced trading liquidity, re-rating potential and participation in further upside; price of silver and other metals;
the accuracy of mineral resource and mineral reserve estimates at the Company's material properties; the sufficiency of the Company's
capital to finance the Company's operations; estimates of the Company's revenues and capital expenditures; estimated production from the
Company's mines in the Ying Mining District and the GC Mine; timing of receipt of permits and regulatory approvals; availability of funds
from production to finance the Company's operations; and access to and availability of funding for future construction, use of proceeds
from any financing and development of the Company's properties.
Actual results may vary from forward-looking statements.
Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual
events or results to differ from those reflected in the forward-looking statements, including, without limitation, risks relating to:
global economic and social impact of COVID-19; fluctuating commodity prices; calculation of resources, reserves and mineralization and
precious and base metal recovery; interpretations and assumptions of mineral resource and mineral reserve estimates; exploration and development
programs; feasibility and engineering reports; permits and licences; title to properties; property interests; joint venture partners;
acquisition of commercially mineable mineral rights; financing; recent market events and conditions; economic factors affecting the Company;
timing, estimated amount, capital and operating expenditures and economic returns of future production; integration of future acquisitions
into the Company's existing operations; competition; operations and political conditions; regulatory environment in China and Canada;
environmental risks; foreign exchange rate fluctuations; insurance; risks and hazards of mining operations; key personnel; conflicts of
interest; dependence on management; internal control over financial reporting; and bringing actions and enforcing judgments under U.S.
securities laws.
This list is not exhaustive of the factors that may
affect any of the Company's forward-looking statements. Forward-looking statements are statements about the future and are inherently
uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the
forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to
in the Company's Annual Information Form under the heading "Risk Factors" and in the Company's Annual Report on Form 40-F, and
in the Company's other filings with Canadian and U.S. securities regulators. Although the Company has attempted to identify important
factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated,
estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements.
The Company's forward-looking statements are based
on the assumptions, beliefs, expectations and opinions of management as of the date of this news release, and other than as required by
applicable securities laws, the Company does not assume any obligation to update forward-looking statements if circumstances or management's
assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements. Assumptions may
prove to be incorrect and actual results may differ materially from those anticipated. Consequently, guidance cannot be guaranteed. For
the reasons set forth above, investors should not place undue reliance on forward-looking statements.
Additional information related to the Company, including
Silvercorp's Annual Information Form, can be obtained under the Company's profile on SEDAR+ at www.sedarplus.ca, on EDGAR at www.sec.gov,
and on the Company's website at www.silvercorpmetals.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/silvercorp-satisfies-another-condition-in-connection-with-orecorp-offer-302047332.html
SOURCE Silvercorp Metals Inc
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/January2024/29/c0137.html
%CIK: 0001340677
CO: Silvercorp Metals Inc
CNW 21:00e 29-JAN-24
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