VANCOUVER, Sept. 13, 2011 /PRNewswire/ - 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.
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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 by management.
SOURCE Sierra Iron Ore Corporation