Silvercorp Metals Inc. (NYSE Amex: SVM & TSX: SVM) announced today that it has acquired a total of 4,468,012 of its common shares at a total cost of $34,949,140 (average price of CDN$7.82 pursuant to its normal course issuer bid (“NCIB”) announced on June 17, 2011. Under the existing NCIB the Company intends to acquire up to 10 million common shares. All common shares purchased under the NCIB will be cancelled.
Silvercorp Metals Inc. (TSX: SVM and NYSE Amex: SVM) posted an open letter today to its shareholders that addresses recent allegations made about the Company. “All of the allegations made against Silvercorp have been anonymous. All of the allegations are baseless and designed to be manipulative,” said Rui Feng, Chairman of Silvercorp. “At the risk of repeating this misinformation, we are making sure that every allegation is addressed in detail and investors have all of the information they need to have confidence in our company. While new attacks will keep coming, as is the past practice within the short and distort industry, with this open letter we are turning the corner and putting these allegations behind us,” said Rui Feng.
Silvercorp Metals Inc. (NYSE Amex: SVM and TSX: SVM) updated the market this morning, welcoming the British Columbia Securities Commission’s (BCSC) quick and decisive actions to investigate the allegations against the Company in an anonymous letter dated August 29, 2011 (refuted by the Company’s in its September 2, 2011 news release), and in particular the BCSC’s efforts to discover the anonymous letter writer’s identity.