Sierra Metals Receives Non-binding Letter of Intent From Compania Minera Kolpa
Sierra Metals Inc. (AMEX: SMTS) announced it received an unsolicited letter of intent on October 27, 2022, from Compañia Minera Kolpa S.A. The proposal outlines a potential business combination and concurrent financing. The Special Committee of Sierra Metals' Board is reviewing this proposal with the help of financial and legal advisors. Currently, no decisions have been made, and shareholders do not need to take any action. Sierra Metals focuses on mining operations in Peru and Mexico, aiming to enhance production and mineral resources.
- Proposal presents potential for business combination and financing.
- Special Committee formed to explore strategic options.
- The LOI is non-binding, which may indicate uncertainty about future transactions.
The LOI outlines indicative terms for a proposed: (a) business combination of Kolpa and
The LOI was submitted by Kolpa with its shareholders
As previously announced, a Special Committee of the independent members of Sierra Metals’ Board of Directors (the “Special Committee”) was formed with a mandate that includes exploring, reviewing and considering financing, restructuring and strategic options in the best interests of
The Special Committee is reviewing and considering the Proposal, with the assistance of financial and legal advisors to the Special Committee and to the Company. The Special Committee will consider the benefits of the Proposal to the Company and its stakeholders and all viable alternatives that may be or may become available to the Company. No decisions or recommendations have been made by the Special Committee regarding the transactions that are the subject of the Proposal at this time and the LOI has not been executed by the Company. Shareholders do not need to take any action with respect to the Proposal at this time.
The Company will continue to provide appropriate disclosure of any material developments as they arise.
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Forward-Looking Statements
This press release contains forward-looking information within the meaning of Canadian and
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
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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