Source - Alliance News

Celsius Resources Ltd - West Perth, Australia-based explorer for copper and gold in Philippines and cobalt in Namibia - Believes Silvercorp Metals Inc is unlikely to make a new takeover offer for Celsius, so it is exploring potential offers from other suitors. Back in May, Celsius had agreed to an offer from Silvercorp worth £0.016 per share. The offer was mostly in Silvercorp shares but was worth double the price of 0.8 pence at which Celsius had listed on AIM in London in January this year. However, following discussions with its shareholders, Celsius went back to Silvercorp asking for a higher price. ‘Silvercorp has not engaged with Celsius in such discussions,’ it says on Friday. Celsius says it hasn’t received formal notice from Silvercorp that it is terminating the takeover, but Silvercorp has announced that no negotiations are taking place and also has sold Celsius shares. Exclusivity obligations have since expired, ‘allowing the Celsius board to openly and immediately consider previously received and new approaches from third parties’, Celsius says.

Current stock price: 0.69p, down 8% in London on Friday

12-month change: down 14% from initial public offering price

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