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Silvercorp Metals Jumps 15% after Responding to New Fraud Allegations

Silvercorp Metals (SVM.TO) is up more than 14% at $7.07 a share after the embattled miner fought back a new set of fraud allegations, contending they reflect "concerted efforts by a group of short sellers to drive down the Company's share price through false, selective or ignorant statements and rumors."

Silvercorp also said it has paid over US$116.6 million in taxes to Chineses authorities, asserting it has Tax Certificates issued by Chinese government proving those payments.

The company also said investigations are now underway by the RCMP, the BC Securities Commission, the SEC and the FBI to determine the identity of the anonymous authors.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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