SILVERCORP METALS INTENDS TO COMMENCE NORMAL COURCE ISSUER BID TO ACQUIRE 10 MILLION COMMON SHARES (SVM)
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Jun 20, 2011 (SmarTrend(R) News Watch via COMTEX) -- Silvercorp Metals (NYSE:SVM - Snapshot Report) intends to commence a Normal Course Issuer Bid to acquire up to 10 million common shares from June 29, 2011 to June 28, 2012, representing 5.7% of the company's 175,047,941 common shares currently issued and outstanding.
The company believes that prevailing market conditions have resulted in the company's shares being undervalued relative to the immediate and long term value of Silvercorp's portfolio of producing and development properties in China and Canada.
Silvercorp Metals has a potential upside of 95.1% based on a current price of $8.1 and an average consensus analyst price target of $15.8.
Silvercorp Metals is currently below its 50-day moving average (MA) of $11.52 and below its 200-day MA of $11.36.
In the last five trading sessions, the 50-day MA has fallen 5.57% while the 200-day MA has risen 0.22%.
Silvercorp Metals Inc. acquires, explores, and develops mineral properties in China. The Company is developing its Ying Silver project located in the People's Republic of China.
Write to Chip Brian at cbrian@mysmartrend.com
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Copyright, Comtex News Network, Inc. 2011
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