Celsius Resources welcomes deal for acquisition by Silvercorp Metals

Celsius Resources Ltd (ASX:CLA, AIM:CLA) executive director Peter Hume tells Proactive the company has entered into a non-binding term sheet and a binding subscription agreement which would see Canadian miner Silvercorp Metals Inc (TSX:SVM, AMEX:SVM) (Silvercorp Metals Inc (TSX:SVM, AMEX:SVM), Silvercorp Metals Inc (TSX:SVM, AMEX:SVM)) acquire all outstanding shares of Celsius at a fixed price of A$0.03 per share. The consideration represents a 76% premium to the 20-day volume-weighted average price of Celsius shares on the ASX. The total value of the acquisition is estimated to be around A$56 million.