VANCOUVER, July 2, 2013 /CNW/ - Sierra Iron Ore Corporation (the "Company") wishes to announce that it has closed the first tranche of the
previously announced non-brokered private placement and has issued
3.357.700 units at a price of $0.40 per unit, for gross proceeds of
$1,343,080. Each unit consists of one common share and one-half share
purchase warrant. Each full warrant will be exercisable to purchase one
additional common share of the Company for 24 months from closing, at a
price of $0.55 per share.
Finder's fees of $57,846.40 will be paid in cash to qualified parties.
All securities issued have a hold period expiring October 29, 2013.
The net 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.
The Company further looks to raise an additional $656,920.00 under the
same terms as described above, which is expected to occur on or about
July 31, 2013.
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 purchased and 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
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
For further information:
contact Corey Safran, VP Strategic Development, at 609-228-0595, or by email at email@example.com.