Symbol:-TSX-V:NAA
OTCQX:SIOCF
VANCOUVER,
May 22, 2013 /CNW/ - SIERRA IRON
ORE CORP (the "Company") is pleased to announce that it has
arranged a non-brokered private placement to qualified
investors.
The Private Placement financing will consist of
5,000,000 Non-Flow through units for total proceeds of $2,000,000.
Each non-flow through unit will be priced at
$0.40 cents, and will consist of one
common share and one-half warrant. Each full warrant entitles the
holder to purchase one common share at a price of $0.55 per share following 24 months from the
closing date.
The proceeds will provide working capital and
continued funding of the company's exploration and development
field work program which would include a preliminary pilot testing
plant operation for the purpose of testing zones at the El Creston
iron ore property.
"We are very pleased with the iron ore grades
from the results announced on May 8th,
2013 and we look forward to further advancing the company's
projects," stated Wally Boguski,
President and CEO.
The company agreed to pay finders' fees to
arm's-length qualified parties.
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 have been built and upgraded and equipment has
been mobilized for further developing the known magnetite zones
identified by recent exploration work.
Sierra Iron Ore
also has 100% ownership of the Tom Cat property which is located
200 kilometres east-northeast of Vancouver within the historic Aspen Grove copper camp. The company is
currently conducting an exploration program of geological mapping
and sampling program as a prelude to a planned diamond drill
program.
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