Sierra Iron Ore arranges $250,000 debenture financing
SIERRA ANNOUNCES WARRANT REPRICING AND DEBENTURE
Sierra Iron Ore Corp. has applied to the TSX Venture Exchange to amend the exercise price of warrants issued pursuant to a September, 2013 unit private placement. Warrants to purchase 637,500 common shares will be repriced from 55 cents and will have an amended exercise price of 40 cents. The warrants will expire on Sept. 12, 2015.
The company also announces a private placement to a qualified investor of a convertible debenture with a value of $250,000. The debenture has a term to maturity of 18 months from issuance, will bear interest at 10 per cent and is convertible into common shares of the company (as to principal and/or interest) at a price of 31 cents per share at any time prior to maturity. As at the date of this press release, the company had received the full advance under the convertible debenture.
The proceeds of the private placement will be used to advance exploration on the Emerald Lake properties and for general working capital purposes.
The warrant repricing and private placement remain subject to regulatory approval.
http://www.sierrairon.com/news.html
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