11:36 AM EST, 11/25/2024 (MT Newswires) -- Silvercorp Metals ( SVM ) said Monday it closed a $150 million private placement of 4.75% convertible senior notes due 2029.

The offering includes the full exercise of the initial purchasers' option to purchase up to $20 million of additional notes, the company said.

Silvercorp said it plans to use the net proceeds to construct copper-gold mining projects outside of China, explore other projects, and for working capital.

Silvercorp shares were down more than 3% in recent trading.

Price: 3.32, Change: -0.11, Percent Change: -3.07