NEWS RELEASE
December 17, 2014 Symbol:-TSX-V:VR OTCQX:VRCFF SIERRA ANNOUNCES DEBT SETTLEMENT, PRIVATE PLACEMENT AND A NEW DIRECTOR
Vancouver, BC – Sierra Iron Ore Corporation (the “Company”) is pleased to announce that is has agreed to debt settlements (the “Debt Settlements”) whereby it will issue up to 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.
Upon the completion of the debt settlement, the Company will have substantially reduced its debt load.
The Company is al so pleased to announce that it will complete the first tranche of the previously announced non- brokered private placement. The private placement financing will consist of 1,767,000 units (“Units”) for gross proceeds of $265,050.
Each Unit will be priced at $0.15 and will consist of one common share and one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to purchase one additional common share at a price of $0.20 per share for 24 months from the closing date.
The net proceeds from this private placemen t will be used for exploration/ geological work on the Emerald Lake property and for general working capital.
The debt settlement and private placement remain subject to TSX-V approval.
All securities issued will be subject to a four-month hold period from closing.
The Company wishes to announce the appointment of Mr. David Cross to its Board of Directors. Mr. Cross started his accounting career in 1997 at a Chartered Accountant firm and obtained his Certified General Accountant designation in 2004. He has a wealth of experience in the co rporate and financial sector and many years of insight relating directly to public companies. His extensive experience will make him a valuable asset to the management of the Company.
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
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 kn own 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