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Celsius Resources Ltd on Tuesday said it has agreed to extend its exclusivity period with Silvercorp Metals Inc, a month after Silvercorp agreed to buy the company.
Celsius Resources is a copper-gold exploration and development company in the Philippines, Namibia and Australia.
In May, Celsius said Silvercorp has proposed to acquire all its shares for A$0.03 per share, or £0.016. The consideration in exchange would comprise 90% Silvercorp shares and 10% in cash.
Shares in Celsius Resources were untraded at 1.28 pence each in London on Tuesday. They closed flat at A$0.024 in Sydney.
Celsius said the proposed acquisition is valued at approximately £30.2 million. If it is completed, Silvercorp will issue approximately 9.7 million shares at about £2.74 each.
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