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Sierra Metals Announces Results of Annual General Meeting of Shareholders & Directorate Change
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Sierra Metals Inc. (SMTS) held its Annual General Meeting on June 10, 2022, with 78.33% of shares represented. Shareholders re-elected all proposed directors and appointed PricewaterhouseCoopers LLP as auditors for the upcoming year. Notable outcomes included the re-election of Oscar Cabrera and the election of Robert Neal to the Board. Former directors Jose Vizquerra, Steven Dean, and Dionisio Romero did not seek re-election. The company remains focused on enhancing production and mineral resources at its mines in Peru and Mexico.
Positive
Re-elected board members signal stability in governance.
Appointment of Robert Neal may enhance capital market insights.
Shareholder participation of 78.33% indicates strong investor engagement.
Negative
Retirement of experienced board members could lead to potential knowledge gaps.
Re-election of directors with significant withheld votes raises concerns about shareholder approval.
TORONTO--(BUSINESS WIRE)--
Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (NYSE AMERICAN: SMTS) (“Sierra Metals” or “the Company”) hereby announces the voting results from the Company’s Annual General Meeting of Shareholders held on Friday, June 10, 2022 (the “AGM”).
A total of 128,416,799 common shares were represented at the meeting, being 78.33% of the Company’s issued and outstanding shares. Shareholders voted in favour of the re-appointment of PricewaterhouseCoopers LLP as auditors for the ensuing year, and the election of management’s nominees as directors.
Detailed results of the votes on the election of directors are as follows:
Director
Votes For
Votes Withheld
Outcome of Vote
Oscar Cabrera
62,316,296 (58.80%)
43,665,198 (41.20%)
Approved
Douglas Cater
62,451,391 (58.93%)
43,530,103 (41.07%)
Approved
Carlos Santa Cruz
62,315,927 (58.80%)
43,665,567 (41.20%)
Approved
Luis Marchese
59,858,436 (56.48%)
46,123,058 (43.52%)
Approved
Robert Neal
62,320,575 (58.80%)
43,660,919 (41.20%)
Approved
Dawn Whittaker
62,498,388 (58.97%)
43,483,106 (41.03%)
Approved
Koko Yamamoto
62,489,360 (58.96%)
43,492,134 (41.04%)
Approved
At the AGM, the shareholders of the Company re-elected each of Oscar Cabrera, Douglas Cater, Carlos Santa Cruz, Luis Marchese, Dawn Whittaker and Koko Yamamoto to the board of directors of the Company (the “Board”). In addition to the re-election of the foregoing directors, the shareholders also elected Robert Neal to join the Board.
Jose Vizquerra, Steven Dean and Dionisio Romero did not stand for re-election at the AGM. Each have been long-standing members of the Board and have seen the Company through several expansions and growth initiatives. Jose joined in 2017 and served as Chair for the past year. Steven has served on the Board since October of 2011 and Dionisio has been a member of the Board since 2015.
“We would like to thank each of Jose, Steven and Dionisio for the valuable time and guidance they have provided to management during their respective tenures on the Board. Their commitment to helping define and execute the Company’s corporate strategic goals is greatly appreciated. We welcome Rob to the Sierra Metals board. His knowledge and experience in capital markets and corporate finance bring a valuable perspective to our board,” commented Luis Marchese, CEO.
About Sierra Metals
Sierra Metals Inc. is a diversified Canadian mining company with Green Metal exposure including increasing copper production and base metal production with precious metals byproduct credits, focused on the production and development of its Yauricocha Mine in Peru, and Bolivar and Cusi Mines in Mexico. The Company is focused on 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 at all three mines in Peru and Mexico that are within close proximity to the existing mines. Additionally, the Company also has large land packages at all three mines with several prospective regional targets providing longer-term exploration upside and mineral resource growth potential.
The Company’s common shares trade on the Toronto Stock Exchange and the Bolsa de Valores de Lima under the symbol “SMT” and on the NYSE American Exchange under the symbol “SMTS”.
For further information regarding Sierra Metals, please visit www.sierrametals.com.
Ed Guimaraes CFO
Sierra Metals Inc. +1(416) 366-7777
Luis Marchese CEO
Sierra Metals Inc. +1(416) 366-7777
Source: Sierra Metals Inc.
FAQ
What were the voting results for Sierra Metals AGM on June 10, 2022?
At Sierra Metals' AGM, 78.33% of shares were represented, with all proposed directors being re-elected and PricewaterhouseCoopers LLP appointed as auditors.
Who was elected to the Sierra Metals Board during the AGM?
Robert Neal was elected to the Sierra Metals Board, joining re-elected members including Oscar Cabrera and Douglas Cater.
What percentage of shareholders participated in the Sierra Metals AGM?
A total of 78.33% of the company's issued and outstanding shares were represented at the AGM.
What changes occurred in the Sierra Metals Board during the AGM?
Jose Vizquerra, Steven Dean, and Dionisio Romero did not stand for re-election, while Robert Neal joined the board.
How did shareholders vote on the directors during the Sierra Metals AGM?
Shareholders showed support for the directors, but some received a significant percentage of withheld votes.
