Sierra Metals Acknowledges Press Release from Alpayana Announcing its Intention to Commence an Unsolicited Takeover Bid
17 Dezembro 2024 - 9:00AM
Business Wire
Sierra Metals Inc. (TSX: SMT | OTCQX: SMTSF | BVL: SMT)
(“Sierra Metals” or the “Company”) acknowledges the press release
issued yesterday on behalf of Alpayana S.A.C. (“Alpayana”)
announcing an intention to commence an unsolicited all-cash
takeover bid to acquire all of the issued and outstanding common
shares of Sierra Metals. Sierra Metals cautions shareholders that
the announcement does not constitute an offer to acquire
securities. Sierra Metals notes that there can be no assurance that
any offer will ultimately be made, or on what conditions such an
offer might be made.
At this time, the Board of Directors (“Board”) of Sierra Metals
has not received any formal written offer from Alpayana. In fact,
Sierra Metals has not received any recent indication of interest
from Alpayana in respect of a proposed acquisition of the
Company.
Sierra Metals continues to be committed to its long-term
strategy of ensuring the Company delivers superior long-term value
to all its shareholders and stakeholders.
The Board has formed a Special Committee of independent
directors to advise the Board in relation to the Alpayana
announcement. The Special Committee and Board note, as a
preliminary matter, that the price of C$0.85 per share indicated in
Alpayana’s press release is a very low 10.4% premium, appearing to
be highly opportunistic in light of Sierra Metal’s high quality
asset base and future growth plans.
The Company advises shareholders to take NO action at this time
and will continue to provide appropriate disclosure of any material
developments as they arise.
About Sierra Metals
Sierra Metals is a Canadian mining company focused on copper
production with additional base and precious metals by-product
credits at its Yauricocha Mine in Peru and Bolivar Mine in Mexico.
The Company is intent on safely increasing production volume and
growing mineral resources. Sierra Metals has recently had several
new key discoveries and still has many more exciting brownfield
exploration opportunities in Peru and Mexico that are within close
proximity to the existing mines. Additionally, the Company has
large land packages at each of its mines with several prospective
regional targets providing longer-term exploration upside and
mineral resource growth potential.
For further information regarding Sierra Metals, please visit
www.SierraMetals.com.
Forward-Looking Statements
This press release contains forward-looking information within
the meaning of Canadian securities legislation. Forward-looking
information relates to future events or the anticipated performance
of Sierra and reflect management's expectations or beliefs
regarding such future events and anticipated performance based on
an assumed set of economic conditions and courses of action. In
certain cases, statements that contain forward-looking information
can be identified by the use of words such as "plans", "expects",
"is expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates", "believes" or variations of such words
and phrases or statements that certain actions, events or results
"may", "could", "would", "might", or "will be taken", "occur" or
"be achieved" or the negative of these words or comparable
terminology. By its very nature forward-looking information
involves known and unknown risks, uncertainties and other factors
that may cause actual performance of Sierra to be materially
different from any anticipated performance expressed or implied by
such forward-looking information.
Forward-looking information is subject to a variety of risks and
uncertainties, which could cause actual events or results to differ
from those reflected in the forward-looking information, including,
without limitation, the risks described under the heading "Risk
Factors" in the Company's annual information form dated March 15,
2024 for its fiscal year ended December 31, 2023 and other risks
identified in the Company's filings with Canadian securities
regulators, which are available at www.sedarplus.ca.
The risk factors referred to above are not an exhaustive list of
the factors that may affect any of the Company's forward-looking
information. Forward-looking information includes statements about
the future and is inherently uncertain, and the Company's actual
achievements or other future events or conditions may differ
materially from those reflected in the forward-looking information
due to a variety of risks, uncertainties and other factors. The
Company's statements containing forward-looking information are
based on the beliefs, expectations, and opinions of management on
the date the statements are made, and the Company does not assume
any obligation to update such forward-looking information if
circumstances or management's beliefs, expectations or opinions
should change, other than as required by applicable law. For the
reasons set forth above, one should not place undue reliance on
forward-looking information.
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Investor Relations Sierra Metals Inc. +1 (866) 721-7437
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