Sino Vanadium , a China-focused mining exploration company, said on Friday it has received a management-sponsored takeover bid that values the company at about C$20 million ($19.6 million). The Canadian-listed company, focused on developing a vanadium deposit in China, has been one of several companies to be tainted by a recent flurry of scandals that have hurt the stocks and images of China-focused companies.The company's stock fell more than 80 percent this year as investors turned sour on Sino-Canadian names after accounting scandals at companies such as forest plantation operator Sino-Forest and sportswear retailer Zungui Haixi .The takeover bid, which is being backed by the company's board, offers 27 Canadian cents for each share tendered toward the offer. That is more than triple the stock's closing price on Thursday of 7.5 Canadian cents.The stock had jumped to 21 Canadian cents by 1.20 p.m (1720 GMT) on the TSX Venture Exchange on Friday before being halted.
Sino Vanadium Inc. (Sino) is a development-stage mineral exploration and development company. Shares of SVX traded higher by 180.0% or $0.135/share to $0.21. In the past year, the shares have traded as low as $0.08 and as high as $0.58. On average, 715 shares of SVX.V exchange hands on a given day and today's volume is recorded at 108200.
