VANCOUVER, May 22, 2013 /CNW/ - 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
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
SOURCE: Sierra Iron Ore Corporation
For further information:
contact Corey Safran, Investor Relations, at 609-228-0595, or by email at firstname.lastname@example.org.