NON-BROKERED PRIVATE PLACEMENT, NAME CHANGE
VANCOUVER, May 9 /PRNewswire/ - NAINA CAPITAL CORP. (the "Company") is pleased to announce that it has received conditional approval of the acquisition of the El Creston iron-ore property. As previously announced, the Company has acquired an option to earn a 50% interest in the iron ore mined from the El Creston property in Sinaloa, Mexico, subject to regulatory approval. Minor items remain outstanding and are being addressed; final approval is expected from the TSXV in the ordinary course.
The Company announces a unit private placement whereby up to 4,000,000 units will be offered to qualified investors at a price of $0.80 per unit. Each unit will consist of one common share and one-half of one share purchase warrant. A full warrant will entitle the holder to acquire one additional share at a price of $1.00 for 24-months from closing. The proceeds will be used to conduct operations on the El Creston property and general working capital. Subject to regulatory approval, the private placement is expected to close within 30-days.
The El Creston property is an iron prospect comprising some 500.5 hectares located 25km north-northeast of the city of Choix in Sinaloa State, Mexico. The property is in an early stage of exploration with work consisting of geological mapping, sampling and trenching using an excavator and bulldozer. Mineralization primarily consists of magnetite replacement deposits occurring near the contact of carbonate and clastic rocks near the contact with granodiorite. At least 12 magnetite bodies have been located and uncovered to date. These magnetite bodies correlate very closely with magnetic anomalies indicating the potential for more magnetite bodies to be discovered within the entire property.
Effective today, Naina Capital Corporation has changed its company name to Sierra Iron Ore Corporation. The trading symbol will remain the same at NAA.
Ruben Verzosa, P. Eng, a Qualified Person as defined by National Instrument 43-101, is responsible for the technical information contained in this News Release.
On behalf of the Board of Directors of Naina capItal corporation
Wally Boguski, President/CEO
This news release contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the control of Naina Capital Corp. which may cause actual results, performance or achievements of Naina Capital Corporation to be materially different from the results, performance or expectation implied by these forward looking statements. Such uncertainties include the completion of the acquisition of the El Creston property, and the ability of Naina to finance its participation and earn a resulting interest in the El Creston property.
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 Naina Capital Corp.