Silvercorp Metals Inc. (NYSE:SVM) has announced that it will undertake the acquisition of all fully-paid ordinary shares of OreCorp (ASX:ORR) that are not presently held by Silvercorp or its affiliated entities. 

For each OreCorp share held, shareholders of OreCorp will receive AU$0.15 in cash, along with 0.0967 of a Silvercorp common share, assessed at AU$0.45, resulting in a comprehensive offer with an inferred worth of AU$0.60 per OreCorp Share.

Silvercorp will extend approximately AU$28 million in funding to OreCorp via an equity placement.

This funding aims to promptly propel the development of OreCorp's Nyanzaga Gold Project in Tanzania ("Nyanzaga"), including progressing resettlement activities, and initial project undertakings.