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.