Thursday, 15 Sep 2011
Sierra Iron Ore Corporation announce that it has received additional subscription agreements totalling 286,360 units completing its 2nd tranche of the non-brokered private placement offered to qualified investors for additional gross proceeds to the company of USD 229,088 .
The total of both tranches of the non-brokered private placement will result in the issuance of 3,824,941 million units at a price of $0.80 cents per unit; each unit consists of one common share and one-half of one share purchase warrant. A full warrant entitles the holder to acquire one additional share at a price of USD 1.00 for 24 months from closing. All securities issued are subject to a hold period of four months from closing. Finders' fees will be paid to qualified parties.
The private placement will provide general working capital and an allocation for the financing of the company exploration/development field work program at the El Creston property.
Sierra Iron Ore Corporation announce that it has received additional subscription agreements totalling 286,360 units completing its 2nd tranche of the non-brokered private placement offered to qualified investors for additional gross proceeds to the company of USD 229,088 .
The total of both tranches of the non-brokered private placement will result in the issuance of 3,824,941 million units at a price of $0.80 cents per unit; each unit consists of one common share and one-half of one share purchase warrant. A full warrant entitles the holder to acquire one additional share at a price of USD 1.00 for 24 months from closing. All securities issued are subject to a hold period of four months from closing. Finders' fees will be paid to qualified parties.
The private placement will provide general working capital and an allocation for the financing of the company exploration/development field work program at the El Creston property.
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