[Ferro-Alloys.com]Sierra Iron Ore Corporation is pleased to announce that it has received subscription agreements totaling 3,357,700 units of the non-brokered private placement offered to qualified investors for gross proceeds to the company of $1,343,080.Subject to TSX approval, the total of the 1st tranche of the non-brokered private placement will result in the issuance of 3,357,700 million units at a price of $0.40 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 $0.55 cents 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 proceeds of the Private Placement will provide working capital and continued funding of the company's exploration/development field work program which would include purchasing equipment for a preliminary pilot testing plant operation for the purpose of testing zones at the El Creston iron ore property.