Sierra Iron Ore Corp Announces Private Placement
NEWS RELEASE
April 11, 2012 Symbol:-NAA.TSXV Sierra Iron Ore Corp Announces Private Placement
VANCOUVER, BC – SIERRA IRON ORE CORPORATION (Symbol NAA-TSXV) (the "Company") is pleased to announce that it has arranged a non-brokered private placement which consists of both flow-through units and non flow-through units. The total flow-through unit proceeds arranged are up to $300,000 while the non-flow through proceeds arranged are up to $1,000,000.
Each non-flow through unit and flow-through unit will be priced at $0.80 cents, and will consist of one common share and one-half non-flow-through warrant. Each full warrant entitles the holder to purchase one common share at a price of $1.00 per share following 24 months from the closing date.
The flow-through Proceeds of the private placement will be used for a continuing work and drill program on its Tom Cat property located in Merritt, British Columbia as well as for general working capital. The non-flow through proceeds will provide working capital and continued funding of the company's exploration/development field work program at the El Creston iron ore property. The company will continue to drill on the El Creston Property to establish the required parameters of a resource definition.
The company agreed to pay finders' fees to arm's-length qualified parties.
About Sierra Iron Ore
Sierra Iron Ore is a growth focused mineral exploration company creating value through the exploration and development of the El Creston property located in the Sinaloa State of Mexico and the Tom Cat property located near Merritt, British Columbia.
Visit our new corporate website at www.sierrairon.com
On behalf of The Board of Directors of Sierra Iron Ore Corporation.
Paul Lee, 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 Corp. 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:
C206 – 9801 King George Blvd. #2 – 701 West Deer Valley Road Surrey, BC V3T 5H5 Phoenix, AZ 85027 Tel: (604) 581-0004 Tel: (623) 251-4443 Fax: (604) 585-9606 Fax: (623) 251-4878
www.sierrairon.com [email protected]