VANCOUVER, Sept. 13, 2011 /CNW/ - SIERRA IRON ORE CORPORATION (the
"Company") is pleased to announce that it has received additional
subscription agreements totaling 286,360 units completing its 2nd
tranche of the non-brokered private placement offered to qualified
investors for additional gross proceeds to the company of $229,088.
The total of both tranches of the non-brokered private placement will
result in the issuance of 3,824,941 million units at a price of $0.80
cents per unit; each unit consists of one common share and one-half of
one share purchase warrant. A full warrant entitles the holder to
acquire one additional share at a price of $1.00 for 24 months from
closing. All securities issued are subject to a hold period of four
months from closing. Finders' fees will be paid to qualified parties.
The private placement will provide general working capital and an
allocation for the financing of the company's exploration/development
field work program at the El Creston property.
Visit our new corporate website at www.sierrairon.com
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 are being built and upgraded and equipment
is being purchased in preparation for further developing the known iron
ore mineral zones identified by recent exploration work.
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:
Please contact Wally Boguski at 604-581-0004