Sierra Metals submits an application to graduate to the TSX and announces appointment of Chairman
TORONTO, March 11, 2013 /PRNewswire/ – Sierra Metals Inc. (TSXV: SMT) (BVL:
SMT) (“Sierra Metals” or the “Company”) is pleased to announce that it
has submitted an application to list its common shares on the Toronto
Stock Exchange (the “TSX”), Canada’s premier stock exchange. If the
application is accepted by the TSX, trading in the Company’s common
shares will graduate to the TSX and such common shares will cease to be
listed for trading on the TSX Venture Exchange (the “TSXV”). This
action follows Sierra Metals’ recent announcement of a new quarterly
cash dividend of $2.5 million or $0.016 per share announced on February
Sierra Metals’ listing on the TSX remains subject to it satisfying all
applicable listing requirements and receiving approval from the TSX,
which decision is expected within 60 days.
The Company also announces the appointment of J. Alberto Arias as
Chairman of the Company’s board of directors (the “Board”) who will
succeed Mr. Steven Dean. Mr. Dean will continue to serve as a director
of Sierra Metals while contributing as a member of several committees
including as Chairman of the newly created Corporate Strategy
Committee. Additionally, John Donnelly has been appointed Lead Director
for the Company.
Mr. Arias has been a director of the Company since 2008. He is the
Founder, President and Portfolio Manager of Arias Resource Capital
Management LP (“ARCM”), which is a private equity firm focused on the
metals and mining sector. The investment funds managed by ARCM are a
significant shareholder of the Company and exercise control or
direction over approximately 52% of the outstanding common shares of
the Company. Previously, Mr. Arias was a Managing Director in the
Investment Research Department of Goldman, Sachs & Co., primarily
focusing on the metals and mining sector. Mr. Arias was recognized five
years in a row by an Institutional Investor Magazine in Latin American
Metals and Mining as a top-ranked analyst.
Daniel Tellechea, President and CEO of Sierra Metals, commented “We thank Mr. Dean for his contribution as Chairman as he has been
integral to the Company’s recent success as a growing mid-tier precious
and base metals producer. Mr. Dean will continue to contribute to the
Company as an active board member on several committees. We also
welcome J. Alberto Arias as the recently appointed Chairman who brings
an extensive amount of knowledge and experience in mining that will
help the Company continue to expand its operations in Peru and Mexico.”
Restricted Share Unit Plan
The Company also advises that, as of January 1, 2013, the Board has
granted to its directors and officers an aggregate of 664,690
restricted share units vesting over the next three years.
About Sierra Metals
Sierra Metals is a Canadian mining company focused on precious and base
metals from its Yauricocha mine in Peru and its Bolivar mine in Mexico.
The Company is also advancing its Cusi silver project in Mexico from
advanced development into commercial production. In addition, Sierra
Metals is exploring several precious and base metal targets in Peru and
Mexico. Projects in Peru include Adrico (gold), Victoria
(copper-silver) and Ipillo (polymetallic) at the Yauricocha Property in
the province of Yauyos. Projects in Mexico include Bacerac (silver) in
the state of Sonora, La Verde (gold) at the Batopilas Property in the
state of Chihuahua, and Las Coloradas (silver) at the Melchor Ocampo
Property in the state of Zacatecas.
The Company’s common shares trade on the Bolsa de Valores de Lima and
the TSXV under the symbol “SMT”.
Neither the TSXV nor its Regulation Services Provider (as that term is
defined in policies of the TSXV) accepts responsibility for the
adequacy or accuracy of this release.
Except for statements of historical fact contained herein, the
information in this press release may constitute “forward-looking
information” within the meaning of Canadian securities law. Other than
statements of historical fact, all statements are “forward-looking
statements”, which involve various known and unknown risk and
uncertainties and other factors, including market conditions that may
affect the Company’s ability to execute its current business plan.
Actual results might differ materially from results suggested in any
forward-looking statements. The Company assumes no obligation to update
the forward-looking statements, or to update the reasons why actual
results could differ from those reflected in the forward-looking
statements unless and until required by securities laws applicable to
the Company. Additional information identifying risks and uncertainties
is contained in filings by the Company with the Canadian securities
regulators, which filings are available at www.sedar.com.
SOURCE Sierra Metals Inc.