Region Seven-based  Guyana Goldfields Inc (GGI)  yesterday announced that it has received notice from fellow Canadian miner Silvercorp Metals Inc that Silvercorp will not exercise its right to match the offer received from a foreign-based multinational mining company  announced on June 3, 2020 to acquire all of the issued and outstanding common shares of GGI not already owned by the New Offeror at a cash price of C$1.85 for each Common Share by way of a plan of arrangement.

The name of the New Offeror was not provided by GGI yesterday.

On June 3rd, GGI said it was mulling acceptance of a new buyout offer from a foreign-based company.

In a release,  GGI said its board of directors had “unanimously determined, after consultation with its financial and legal advisors’ that the new offer on the table constitutes what it terms as a “superior proposal” compared to the terms of the arrangement agreement between the Company and Silvercorp Metals Inc dated April 26, and amended on May 16.