By Laura Lutz
Des Moines, Sept. 26 - Sierra Minerals Inc. completed a private placement of units for C$1,188,406.
The company sold 3,395,446 units of one share and one half-share warrant for C$0.35 per unit. Each warrant is exercisable at C$0.50 for 18 months.
Proceeds will be used for equipment and drilling at the Cerro Colorado gold project, in northern Sonora State in Mexico and for general corporate purposes.
The placement comes alongside Sierra's acquisition of Granmin Malaysia Ltd., the owner of the Cerro Colorado project.
The company also announced that it has received final approval for listing its shares on the Toronto stock exchange. The stock began trading under the symbol "SIM" on Sept. 26.
Sierra is a Toronto-based precious metals producer.
| Issuer: | Sierra Minerals Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$1,188,406
|
| Units: | 3,395,446
|
| Price: | C$0.35
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.50
|
| Announcement date: | Sept. 26
|
| Stock symbol: | TSX Venture: SIM
|
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