The Silver Recycling Company Inc. (TSX-V:TSR) plans to acquire a second U.S. silver scrap refining company for a minimum purchase price of US$9 million.
The deal comes after the company acquired another undisclosed U.S. silver recycling company in May 2008.
The final purchase price will be determined based on a multiple of average earnings of the target company in fiscal 2006 and 2007. Half the price will be paid in cash and the balance in shares of Silver Recycling.
Silver Recycling's share price range during the past week: between $0.50 and $0.56; 52-week high: $0.80; 52-week low: $0.235