SIERRA IRON ORE CLOSES 1ST TRANCHE OF PRIVATE PLACEMENT
Sierra Iron Ore Corp. has closed the first tranche of the previously announced non-brokered private placement and has issued 3,357,700 units at a price of 40 cents per unit, for gross proceeds of $1,343,080. Each unit consists of one common share and one-half share purchase warrant. Each full warrant will be exercisable to purchase one additional common share of the company for 24 months from closing, at a price of 55 cents per share.
Finders’ fees of $57,846.40 will be paid in cash to qualified parties. All securities issued have a hold period expiring Oct. 29, 2013.
The net proceeds will provide working capital, and continued financing of the company’s exploration and development fieldwork program which would include a preliminary pilot testing plant operation for the purpose of testing zones at the El Creston iron ore property.
The company further looks to raise an additional $656,920.00 under the same terms as described above, which is expected to occur on or about July 31, 2013.
http://www.sierrairon.com/news.html
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