{"id":1180642,"date":"2020-04-27T04:57:16","date_gmt":"2020-04-27T09:57:16","guid":{"rendered":"https:\/\/www.mining.com\/?p=1021810"},"modified":"2020-04-27T04:57:16","modified_gmt":"2020-04-27T09:57:16","slug":"silvercorp-to-buy-guyana-goldfields-in-c105m-deal","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1180642","title":{"rendered":"Silvercorp to buy Guyana Goldfields in C$105m-deal"},"content":{"rendered":"<p>Canada\u2019s Silvercorp Metals (TSX, NYSE: SVM) is <a href=\"http:\/\/www.silvercorpmetals.com\/news_and_media\/news\/silvercorp-metals-to-acquire-guyana-goldfields-creating-a-diversified-precious-metals-producer\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">buying Guyana Goldfields (TSX: GUY) in a C$105 million<\/a> ($75m) cash and stock deal that creates a diversified precious metals producer with two silver mines in China and a gold operation in Guyana.<\/p>\n<div class='d-flex justify-content-center d-xs-block d-sm-block d-md-none'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>The Vancouver-based miner will give Guyana\u2019s shareholders the option to receive C$0.60 per share in cash or 0.1195 of a share in the company, to a maximum cash consideration of C$33.2 million ($24m).<\/p>\n<p>The C$0.60\/share price represents a<br \/>\n71% premium to the 20-day volume weighted average price of the target company<br \/>\nas of Friday&#8217;s close.<\/p>\n<p>Guyana has been under investor pressure<br \/>\ndue to the poor performance of its flagship and only operating mine, Aurora,<br \/>\nfollowing a&nbsp;resources review.&nbsp;<\/p>\n<p>The mid-tier gold producer shocked<br \/>\nthe market&nbsp;in March last year by announcing&nbsp;the amount of gold<br \/>\nin proven and probable reserves at Aurora&nbsp;had declined by almost 1.7<br \/>\nmillion ounces, compared to estimates published in 2018.&nbsp;<\/p>\n<p>The news triggered a bitter battle for control of the company led by founder\u00a0and former chairman Patrick Sheridan, which was <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.mining.com\/guyana-goldfields-ceo-go-miner-settles-proxy-fight-founder\/\" >settled in April 2019<\/a>. The deal included the appointment of an interim director and chief executive, who was replaced in January by Alan Pangbourne, Guyana\u2019s current president and CEO.<\/p>\n<p><em>More to come\u2026<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Guyana shareholders can choose between receiving C$0.60 in cash per share or 0.1195 of a share in Silvercorp.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[369,4,391],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1180642"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1180642"}],"version-history":[{"count":9,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1180642\/revisions"}],"predecessor-version":[{"id":1180720,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1180642\/revisions\/1180720"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1180642"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1180642"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1180642"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}