Ann: Result of UK Placing, page-53

The consideration of A$0.030 (GBP0.016)1 per share represents a 76% premium to the 20-day
volume weighted average price of Celsius shares as of the close of trading on the ASX on 11 May
2023 (86% premium by similar reference to the trading price on AIM). The implied value of the
proposed acquisition (should it proceed) is approximately A$56 million (GBP 30.2 million)
Using Silvercorp’s current share price of CA$4.64 (A$5.142) as of the close of trading of Silvercorp shares
on TSX on 12 May 2023, the proposed acquisition will result in Silvercorp issuing approximately 9.7
million Silvercorp shares and A$5.6 million to the shareholders of Celsius.

Concurrent to the proposed acquisition, should it proceed, it is anticipated that Celsius shareholders
will, via an in specie distribution, receive shares in a new exploration company (the “SpinCo”) which
will hold all of Celsius’ rights and interests with respect to the Sagay (Philippines) and Opuwo Cobalt
(Namibia) projects via a demerger, subject to Celsius obtaining the necessary shareholder and
regulatory approvals. Should the demerger proceed, the SpinCo shares are anticipated to be
distributed on a 10 Celsius shares for 1 SpinCo share basis to Celsius shareholders, who taking into
account the proposed investment into Spinco referred to below, will hold approximately 87% of
Spinco. SpinCo will seek listing on the Australian Securities Exchange (“ASX”) or on AIM, a market
operated by the London Stock Exchange, via the demerger and concurrent initial public offering.
Silvercorp has agreed, under the non-binding term sheet, to invest A$4 million in SpinCo, valued at a
post-financed market capitalisation of A$30 million.


Make it binding and clean. This previous offer had too many conditions and was complicated plus a raise that gave SVM the upperhand.

What is the 20 day VWAP now?