Sierra Announces Close of Debt Settlement and Private Placement
NEWS RELEASE
December 23, 2014 Symbol:-TSX-V:VR OTCQX:VRCFF SIERRA ANNOUNCES CLOSE OF DEBT SETTLEMENT AND PRIVATE PLACEMENT
Vancouver, BC – Sierra Iron Ore Corporation (the “Company”) is pleased to announce that is has closed the previously announced debt settlement and has issued 3,849,291 common shares (“Shares”) to creditors, at a deemed value of $0.15 per Share, to settle debts aggregating CDN$577,393.51.
The completion of this debt settlement has substantially reduced the Company’s debt load.
The Company is also pleased to announce that it has closed the first tranche of the previously announced non-brokered private placement. The Company has issued 1,767,000 units (“Units”) for gross proceeds of $265,050. Each Unit consists of one common share issued at $0.15 per share, and one common share purchase warrant. Each common share purchase warrant may be exercised by the holder to purchase an additional common share at a price of $0.20 for 24-months from closing.
The proceeds from this private placement will used for exploration/geological work on the Emerald Lake property and for general working capital.
No Finder’s fees were paid.
All securities issued have a hold period expiring April 23, 2015.
On behalf of the Board of Directors of Sierra Iron Ore Corporation.
Wally E Boguski, President, CEO, 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 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 #2 – 701 West Deer Valley Road Lake Country BC V4V 2R1 Phoenix, AZ 85027 Tel: 250-766-1517 Tel: 623-251-4443 Fax: 250-766-1839 Fax: 623-251-4878
www.sierrairon.com [email protected]