VANCOUVER, June 11, 2013 /CNW/ - Sierra Iron Ore Corporation (the "Company") is pleased to announce that it has received subscription agreements
totaling 3,357,700 units of the non-brokered private placement offered
to qualified investors for gross proceeds to the company of $1,343,080.
Subject to TSX approval, the total of the 1st tranche of the
non-brokered private placement will result in the issuance of 3,357,700
million units at a price of $0.40 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 $0.55 cents 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 proceeds of the Private Placement will provide working capital and
continued funding of the company's exploration/development field work
program which would include purchasing equipment for a preliminary
pilot testing plant operation for the purpose of testing zones at the
El Creston iron ore property.
For more information contact Corey Safran, Investor Relations, at
609-228-0595, or by email at email@example.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 have been built and upgraded as well as
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
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:
Please contact Wally Boguski at 604-581-0004