Sierra Madre Announces Closing Of $500,000 Private Placement

2024-09-18 07:15:37

(MENAFN- Newsfile Corp) Vancouver, British Columbia--(Newsfile Corp. - September 18, 2024) - Sierra Madre Gold and Silver Ltd. (TSXV: SM) (OTCQX: SMDRF) (" Sierra Madre " or the " Company ") is pleased to announce that it has closed its previously announced non-brokered private placement (the "Offering" ) for aggregate gross proceeds of $500,000 through the sale of 1,250,000 common shares of the Company (the "Shares" ) at a price of $0.40 per Share.

The Company intends to use the net proceeds of the Offering for future marketing activities and general working capital.

The Offering remains subject to the final approval of the TSX Venture Exchange (the " Exchange "). All securities issued pursuant to the Offering are subject to a hold period expiring on January 19, 2025.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

About Sierra Madre

Sierra Madre Gold & Silver (TSXV: SM) (OTCQX: SMDRF) is a precious metals development and exploration company, focused on evaluating the potential of restarting the Guitarra Mine in the Temascaltepec mining district, Mexico, and the exploration and development of its Tepic property in Nayarit, Mexico. The Guitarra Mine is a permitted, past-producing underground mine which includes a 500 t/d processing facility that operated until mid-2018.

The +2,600 ha Tepic Project hosts low-sulphidation epithermal gold and silver mineralization with an existing historic resource.

Sierra Madre's management has played key roles for managing exploration and development of more than 22Moz gold and 600Moz silver in combined reserves and resources. Sierra Madre's team of professionals has collectively raised over $1B for mining companies.

On behalf of the board of directors of Sierra Madre Gold and Silver Ltd.,

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