- Concerned about Arias Resources Capital's history of
governance failures and value destruction at Sierra Metals
Inc.
- Believes that Arias Resources Capital's director nominees
are being proposed to advance its selfish interests in relation to
Sierra Metals Inc. and not in the best interests of Sierra Metals
Inc. or its shareholders.
TORONTO, June 13,
2023 /CNW/ - Cranley Investment Holdings, LLC, the
holder of 9,414,249 common shares of Sierra Metals Inc. (TSX: SMT)
("Sierra Metals") equal to approximately 5.7% of the Sierra Metal's
outstanding common shares, announces today that it intends to vote
for the Sierra Metals nominated candidates for the board of
directors at the upcoming annual general meeting of the company to
be held on June 28, 2023.
As a shareholder of Sierra Metals for approximately 11 years, we
seek to protect the long-term best interests of Sierra. We have
confidence that management of Sierra Metals has made the difficult
decisions that it believes will put the company on a solid footing
for future success.
We are aware of Arias Resources Capital's ("ARC") history with
Sierra Metals, including what we believe is a history of governance
failures and value destruction. We were glad to see ARC's nominees
forced off the board of directors in 2021, and do not wish to see
ARC or its nominees exercise any future influence over the
company.
We do not trust Mr. Arias or ARC, or their intentions in
relation to Sierra Metals. For this reason, we do not support the
election of any member of the ARC slate of nominees, and we intend
to vote in favour of all members of the management slate.
Forward-Looking Statements
This press release contains "forward looking statements" and
"forward-looking information" under applicable Canadian securities
laws. Forward-looking information includes, but is not limited to,
information with respect the future prospects of Sierra. Generally,
forward-looking information can be identified by the use of
forward-looking terminology such as "plans", "expects",
"estimates", "intends", "anticipates" or "believes" or variations
of such words and phrases or state that certain actions, events or
results "may", "could", "would", "might", or "will be taken",
"occur", or "be achieved". Forward-looking information is based on
the reasonable assumptions, estimates, analysis and opinions of
management made at the date that such statements are made.
Forward-looking information is subject to known and unknown
risks, uncertainties and other factors that may cause the actual
results, level of activity, performance or achievements of Sierra
to be materially different from those expressed or implied by such
forward-looking information. Accordingly, readers should not place
undue reliance on forward-looking information. The forward-looking
information contained herein is presented for the purposes of
assisting investors in understanding the plans and objectives and
may not be appropriate for other purposes. The Shareholder does not
undertake to update any forward-looking information, except in
accordance with applicable securities laws.
SOURCE Cranley Investment Holdings, LLC