USA: #2 – 701 West Deer Valley Road Phoenix, AZ 85027 Tel: (623) 251-4443 Fax: (623) 251-4878
[email protected] Canada: C206 – 9801 King George Blvd.
Surrey, BC V3T 5H5 Tel: (604) 581-0004 Fax: (604) 585-9606
www.sierrairon.com
NEWS RELEASE
September 18, 2013 Symbol:-TSXV.NAA Symbol:-OTC- SIOCF SIERRA CLOSES 2nd TRANCHE OF PRIVATE PLACEMENT VANCOUVER, BC – SIERRA IRON ORE CORPORATION (“Sierra” or the "Company") wishes to announce that it has closed the second tranche of the previously announced non-brokered private placement and has issued 1,275,000 units for net proceeds of $510,000. Each unit consists of one common share and one-half share purchase warrant. Each whole warrant will be exercisable to purchase one additional common share of the Company for 24 months from closing, at a price of $0.55 per share.
Finder's fees of $39,700 have been paid in cash to qualified parties. All securities issued have a hold period expiring January 14, 2014.
The proceeds of the private placement will provide working capital for the bulk testing plant operation at the El Creston iron ore property.
The Company has also increased the previously announced stock option grant and will grant an additional 127,500 stock options to directors, officers and consultants under its stock option plan, for a collective total of 758,746 stock options granted. The options may be exercised at a price of $0.40 cents for up to five years, subject to vesting restrictions and percentage limits imposed by regulatory requirements or the plan.
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. The company has a continual fieldwork program at the El Creston Property that is comprised of drilling, mapping, sampling and planning for further property development. Roads have been built and upgraded and equipment is being purchased to advance the development of the iron ore mineral zones identified by recent exploration work.
On behalf of The Board of Directors of Sierra Iron Ore Corporation.
Paul Lee, Director
USA: #2 – 701 West Deer Valley Road Phoenix, AZ 85027 Tel: (623) 251-4443 Fax: (623) 251-4878
[email protected] Canada: C206 – 9801 King George Blvd.
Surrey, BC V3T 5H5 Tel: (604) 581-0004 Fax: (604) 585-9606
www.sierrairon.com 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 expectations 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.