|Silvercorp Metals Inc. - SVM.t is the largest primary silver producer in China through the operation of four silver-lead-zinc mines at the Ying Mining Camp in the Henan Province of China.|
"Silvercorp Metals Inc. (TSX: SVM) (“Silvercorp” or the “Company”) announces that the Ontario Court of Appeal has dismissed the plaintiff’s appeal brought on behalf of shareholders seeking to certify a securities class action originally filed in May 2013 against the Company, its Chairman and Chief Financial Officer at the time. In October 2015, the Ontario Superior Court of Justice dismissed the plaintiff’s motion for leave and certification of the claim as a class action, and awarded the Company costs in the amount of $500,000. The plaintiff appealed the decision and costs award to the Ontario Court of Appeal. On August 24, 2016, the Ontario Court of Appeal upheld the rulings made by the Ontario Superior Court and has awarded a further $75,000 in costs to the Company for the appeal.
A copy of the reasons issued by the Ontario Court of Appeal can be found here (http://www.ontariocourts.ca/decisions/2016/2016ONCA0641.pdf)