The deal, due to be completed next year, will see ARM acquiring the environmental liabilities of the Nkomati mine.
Silvercorp has now increased the offer’s cash element to A$0.19 while the scrip component remains unchanged.
The company is offering C$1.24 a share to shareholders of Alpha Lithium.
The comment follows a court ruling that said the mine could result in significant environmental damage.
The companies plan to set up a steering committee to discuss binding documentation and advance a drilling programme.
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Until now, 1,050 sites across the nation have been identified as possible critical minerals sources.
The grant will specifically go towards building and commissioning a concentrator and high-purity vanadium processing facility.
The placement involves the issuance of 131 million new shares to Ganfeng at A$0.81 apiece.
The offering involved ten million shares at C$7.35 apiece, with BMO Capital Markets serving as the sole bookrunner.
The agreement will see Nemaska Lithium provide lithium products to Ford over 11 years.