Embattled miner Silvercorp Metals Inc., caught in a maelstrom of anonymous fraud allegations, said on Thursday it's pushing ahead with a share repurchase plan.
Silvercorp, which has shed over $1.5 billion in market value in the past five months, said it has acquired nearly four million of its outstanding shares since June 17, when its board authorized a buyback of up to 10 million shares. It paid an average price of C$7.97.
The Vancouver-based company, which operates silver mines in China, is the latest China-focused and North American listed company to fall into the cross-hairs of short-sellers who have published scathing fraud allegations against numerous China-focused companies with North American listings.
It denies the allegations.