Sierra Announces Warrant Repricing and Debenture
NEWS RELEASE
August 14, 2015 Symbol:-TSX-V: NAA OTCQX: SIOCF SIERRA ANNOUNCES WARRANT REPRICING AND DEBENTURE
VANCOUVER, BC –Sierra Iron Ore Corp. (“Sierra” or the "Company") has applied to the TSX Venture Exchange to amend the exercise price of warrants (the “Warrants”) issued pursuant to a September, 2013 unit private placement. Warrants to purchase 637,500 common shares will be re-priced from $0.55 and to have an amended exercise price of $0.40. The Warrants will expire on September 12, 2015.
The Company also announces a private placement to a qualified investor of a convertible debenture with a value of $250,000. The debenture has a term to maturity of 18-months from issuance, will bear interest at 10% and is convertible into common shares of the Company (as to principal and/or interest), at a price of $0.31 per share, at any time prior to maturity. As at the date of this press release, the Company had received the full advance under the convertible debenture.
The proceeds of the private placement will be used to advance exploration on the Emerald Lake properties and for general working capital purposes.
The Warrant re-pricing and private placement remain subject to regulatory approval.
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 East 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]