Sierra Announces Amendment to Previously Granted Options and New Option Grant
NEWS RELEASE APRIL 7, 2016 Symbol:-TSX-V: NAA
SIERRA ANNOUNCES AMENDMENT TO PREVIOUSLY GRANTED OPTIONS AND NEW OPTION GRANT
Vancouver, BC – SIERRA IRON ORE CORPORATION (“Sierra” or the “Company”) announces that 1,540,000 stock options (“Options”) previously granted on July 22, 2015, to consultants of the Company have been amended to have an exercise price of $0.35 per common share (“Share”). The original exercise price was $0.75 per Share.
The Company also announces that it has issued Options to purchase 650,000 Shares of the Company to its directors, officers and consultants with an exercise price $0.35 per Share, for a period of two years.
The Company has 39,146,083 Shares issued and outstanding. Under the terms of the Company's 10% rolling stock option plan, a maximum of 3,914,608 Shares are available to be issued pursuant to the exercise of options at this time. Including this grant of 650,000 Options, a total of 2,984,903 Shares have been reserved for issuance pursuant to option grants.
About the Company
Sierra is a mineral exploration company focused on creating value through the exploration and development of its British Columbia and Ontario mineral properties. Sierra is presently conducting a stage 1 drilling program in and around Emo, Ontario.
On behalf of The Board of Directors of Sierra Iron Ore Corporation.
Wally Boguski
President & CEO
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 Corporation 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.
CANADA USA 13236 Cliffstone Court #1021 – 100 Easy Street Lake Country BC V4V 2R1 Carefree, AZ 85377 Tel: 250-766-1517 Tel: 480-575-1220 Fax: 250-766-1839 Fax: 480-488-3492 www.sierrairon.com [email protected]