Sierra Madre Announces Closing of $1 Million Private Placement

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, BC / ACCESSWIRE / March 15, 2024 / Sierra Madre Gold and Silver Ltd. (TSXV:SM)(OTCQX:SMDRF) ("Sierra Madre" or the "Company") is pleased to announce that it has upsized and closed its previously announced non-brokered private placement financing (the "Offering"), raising total gross proceeds of approximately $1,000,020. The Company issued 3,571,500 shares (the "Shares") at a price of $0.28 for aggregate gross proceeds of $1,000,020. Net proceeds will be used to fund the continued care and maintenance on, and the mine restart plan at, Sierra Madre's 100% owned past-producing La Guitarra Silver-Gold Mine Complex in Estado de Mexico, Mexico, 130 km southwest of Mexico City.

Foto: Accesswire

The Offering has been structured to take advantage of the listed issuer financing exemption from prospectus requirements (the "Exemption") in Part 5A of National Instrument 45-106 - Prospectus Exemptions ("NI 45-106"), whereby shares issued pursuant to the Exemption are freely tradeable listed equity securities not subject to any hold period. The Shares are not subject to resale restrictions pursuant to applicable Canadian securities laws.

In connection with the Offering, the Company paid to an arm's length finder a cash commission totaling $15,000.30, being 1.5% of the gross proceeds raised under the Offering.

An amended and restated offering document related to this Offering (the "Offering Document") has been filed under the Company's profile at www.sedarplus.com and at https://sierramadregoldandsilver.com.

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 La Guitarra Mine in the Temascaltepec mining district, Mexico, and the exploration and development of its Tepic and La Tigra properties in Nayarit, Mexico. The La Guitarra Mine is a permitted, past-producing underground mine which includes a 500 t/d processing facility that operated until mid-2018.