Sierra Iron arranges $160,000 private placement

Dec 8, 2015

SIERRA ANNOUNCES PRIVATE PLACEMENT AND STOCK OPTION GRANT

Sierra Iron Ore Corp. has arranged a non-brokered private placement to qualified investors. The private placement financing will consist of up to 400,000 units for total proceeds of $160,000.

Each unit will be priced at 40 cents and will consist of one common share and one-half share purchase warrant. Each whole share purchase warrant will entire the holder to purchase one additional common share at a price of 55 cents per share for a period of 24 months from the closing date.

The proceeds of this private placement will be used to advance exploration activities at the company’s Emerald Lake property and for general working capital purposes.

All securities issued will be subject to a four-month hold period from closing. No finder’s fee will be paid

The private placement remains subject to TSX Venture Exchange approvals.

The company has also granted 960,382 stock options to directors, officers and consultants under its stock option plan. The options may be exercised at a price of 40 cents cents for up to two years, subject to vesting restrictions and percentage limits imposed by regulatory requirements or the plan.

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