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 12, 2013.
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.