Silvercorp Metals Inc. (TSX:SVM) is increasing the number of shares it plans to repurchase to boost its share price.
The Vancouver company is increasing its normal course issuer bid to acquire approximately 7.4% of its shares outstanding, or more than 10.6 million shares by March 27, 2009. It's a 5.4% increase from the bid announced last March.
The company says current market conditions have resulted in the company's shares being undervalued relative to the current and long-term value of its mining projects in China.
To date, the company has acquired 2.4 million shares at an average price of $4.18 per share.
Silvercorp's share price range during the past week: between $1.93 and $2.63; 52-week high: $3.26; 52-week low: $1.81.