VANCOUVER, May 22, 2013 /PRNewswire/ – SIERRA IRON ORE CORP (the “Company“) is pleased to announce that it has arranged a non-brokered private placement to qualified investors.
The Private Placement financing will consist of 5,000,000 Non-Flow through units for total proceeds of $2,000,000.
Each non-flow through unit will be priced at $0.40 cents, and will consist of one common share and one-half warrant. Each full warrant entitles the holder to purchase one common share at a price of $0.55 per share following 24 months from the closing date.
The proceeds will provide working capital and continued funding of the company’s exploration and development field work program which would include a preliminary pilot testing plant operation for the purpose of testing zones at the El Creston iron ore property.
“We are very pleased with the iron ore grades from the results announced on May 8th, 2013 and we look forward to further advancing the company’s projects,” stated Wally Boguski , President and CEO.
The company agreed to pay finders’ fees to arm’s-length qualified parties.
About Sierra Iron Ore
Sierra Iron Ore is a growth focused mineral exploration company creating value through the exploration and development of the El Creston property located in the Sinaloa State of Mexico. The company has a continual fieldwork program at the El Creston Property that is comprised of drilling, mapping, sampling and planning for further property development. Roads have been built and upgraded and equipment has been mobilized for further developing the known magnetite zones identified by recent exploration work.
Sierra Iron Ore also has 100% ownership of the Tom Cat property which is located 200 kilometres east-northeast of Vancouver within the historic Aspen Grove copper camp. The company is currently conducting an exploration program of geological mapping and sampling program as a prelude to a planned diamond drill program.
On behalf of The Board of Directors of Sierra Iron Ore Corporation.
Paul Lee , Director
This news release contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the control of Sierra Iron Ore Corp. which may cause actual results, performance or achievements of Sierra Iron Ore Corporation to be materially different from the results, performance or expectation implied by these forward looking statements. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management
SOURCE Sierra Iron Ore Corporation