Sierra Announces Close of Private Placement of Convertible Debenture
NEWS RELEASE
October 7, 2015 Symbol:-TSX-V:NAA OTCQX:SIOCF SIERRA ANNOUNCES CLOSE OF PRIVATE PLACEMENT OF CONVERTIBLE DEBENTURE
Vancouver, BC – SIERRA IRON ORE CORPORATION (“Sierra” or the “Company”) announces that on September 29, 2015, the Company issued a $250,000 convertible debenture (the “Debenture”) which will mature on March 28, 2017 and will accrue interest at a rate of 10% per annum payable annually and convertible into common shares of the Company (as to principle and/or interest) at a price of $0.32 per share, at any time prior to maturity.
The proceeds of the private placement will be used to advance exploration on the Emerald Lake properties and for general working capital purposes.
All securities issued will be subject to a four-month hold period expiring January 30, 2016.
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]