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Provider: Reuters Investment Profile
$20.00

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Sierra Madre Developments Inc Completes $850,000 Placement-Canada Stockwatch News


Friday, 22 Mar 2013 10:24am EDT 

Canada Stockwatch News reported that Sierra Madre Developments Inc has closed the non-brokered private placement financing led by Burgeonvest-Bick Securities Ltd. Pursuant to the offering, the Company raised $850,000 through the sale of 17 million units at a price of five cents per unit. Each unit consists of one common share in the capital of the Company and one transferable common share purchase warrant. Each warrant entitles the holder to acquire one additional share at a price of five cents per share. For the first tranche closing of 15.3 million units set out in the TSX Venture Exchange bulletin issued January 11, 2013, the warrants are exercisable for a period of 12 months expiring Dec. 28, 2013, and Dec. 31, 2013, and for the second tranche closing of 1.7 million units set out in the TSX Venture Exchange bulletin dated March 21, 2013, the warrants are exercisable for a period of 12 months expiring March 18, 2014. The net proceeds from the sale of the units will be used by the Company to finance the next phase of drill testing at the Company's Penoles project located in Durango state, Mexico, and to finance general corporate and working capital requirements. The gross proceeds from the sale of the flow-through shares will be used to finance exploration expenditures at the Company's Harrison gold project in British Columbia which qualify as 100-per-cent Canadian exploration expense. 

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6 Aug 2014