Silvercorp Metals Not In Compliance With NYSE Continued Listing Requirement
Aug 19 15
Silvercorp Metals Inc. was advised by the New York Stock Exchange ("NYSE") on August 3, 2015 that the average price of its common stock for the previous 30 trading days was below $1.00 per share, which is below the NYSE continued listing requirement. The Company considered the fact that the NYSE listing rules with respect to the maintenance of a minimum $1.00 share price could require the Company to undertake certain corporate or other actions, such as a reverse share split, primarily to meet the NYSE listing rules, and believes that such actions are not in the best interest of the Company or its shareholders. Therefore, the Board of Directors determined that the compliance obligations, costs and burdens of maintaining a listing of the common shares on the NYSE outweigh the benefits to the Company during this downturn in the commodity cycle. Silvercorp intends to file a Form 25 (Notification of Removal from Listing and/or Registration under Section 12(b) of the Securities Exchange Act of 1934) with the U.S. Securities and Exchange Commission (the "SEC") to voluntarily withdraw its common shares from listing on the New York Stock Exchange. The Company expects to file the Form 25 within 10 business days and that the delisting will be effective approximately 10 business days following the filing of the Form 25. Silvercorp will continue to maintain the primary listing of its common shares on the Toronto Stock Exchange.
Silvercorp Metals Inc. Reports Unaudited Consolidated Earnings and Production Results for the First Quarter Ended June 30, 2015
Aug 13 15
Silvercorp Metals Inc. reported unaudited consolidated earnings results for the first quarter ended June 30, 2015. For the quarter, the company's sales were $32,220,000 compared to $30,616,000 a year ago. Income from operations was $4,081,000 compared to $8,188,000 a year ago. Income before income taxes was $4,026,000 compared to $8,320,000 a year ago. Net income was $3,771,000 compared to $4,635,000 a year ago. Net income attributable to equity holders of the company was $2,296,000 compared to $2,744,000 a year ago. Earnings per share attributable to the equity holders of the Company - basic and diluted earnings per share was $0.01 compared to $0.02 a year ago. Net cash provided by operating activities was $13,320,000 compared to $13,826,000 a year ago. Mineral rights and properties - capital expenditures was $7,366,000 compared to $6,305,000 a year ago. Plant and equipment -additions was $718,000 compared to $1,578,000 a year ago.
In first quarter fiscal 2016, the total ore mined at the Ying Mining District was 167,107 tonnes compared to total ore production of 173,485 tonnes in first quarter fiscal 2015. Silver and lead head grades improved by 10% and 8%, respectively, to 250 grams per tonne ("g/t") for silver and 3.6% for lead from 227 g/t for silver and 3.3% for lead, respectively, in first quarter fiscal 2015. Total ore mined at GC mine in first quarter fiscal 2016 was 66,727 tonnes at a total mining cost and cash mining cost of $56.83 and $48.74, compared to 48,396 tonnes mined during the pre-commercial period in first quarter fiscal 2015 at a total mining cost and cash mining cost of $64.62 and $42.23. Total ore milled at GC mine in first quarter Fiscal 2016 was 66,679 at a total milling cost and cash milling cost of $17.83 and $15.52, compared to 55,784 tonnes milled during the pre-commercial period in first quarter fiscal 2015 at a total milling cost and cash milling cost of $25.54 and $19.17. The production level at GC mine has significant impact on the cash mining cost while the decrease in the noncash cost was mainly due to substantial impairment charges taken against the longlived assets at GC mine at the end of fiscal 2015. In first quarter Fiscal 2016, total ore milled at the Ying Mining District was 160,277 tonnes, a decrease of 5% compared to 169,480 tonnes in first quarter fiscal 2015.
Silvercorp Metals Inc. Appoints Derek Liu as Chief Financial Officer ; Announces Suspension of Dividend Payments
Aug 13 15
Silvercorp Metals Inc. announced the appointment of Derek Liu as Chief Financial Officer, after successful serving in the role of interim Chief Financial Officer since February 2015. Derek Liu is a professional accountant with over 15 years of diverse international ex perience in financial reporting, auditing, and accounting. He has held senior accounting positions, such as corporate controller and chief financial officer, at a number of public Canadian mining companies for the past several years including the role of financial controller of Silvercorp from 2006 to 2010.
In light of the lower commodity price environment and the company's desire to preserve capital, the Board of Directors will not be declaring a dividend. The declaration and payment of future dividends, if any, is at the discretion of the Board of Directors and any future decision to re-instate dividend payments, if at all, will be based on a number of factors including commodity prices, market conditions, financial results, cash requirements and other relevant factors.