Sierra Grande Minerals Inc. announced a non-brokered private placement of up to 13,333,000 units at a price of CAD 0.15 per unit for gross proceeds of up to CAD 2,000,000 on March 8, 2022. Each unit consists of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share at a price of CAD 0.20 for a period of three years from the date of closing subject to a 5% increase in each of the second and third years of the warrant term.

Warrants are further subject to an acceleration clause, whereby after the first year of the warrant term, if the common shares of company trade at 0.60 per common share or higher, the company has the right to accelerate the warrants for exercise within 30 days of an exercise notice. All securities issued will be subject to a statutory hold period of 1 year. The company may pay finder's fees with respect to the transaction.

The transaction is subject to customary closing, including the approval of the Canadian Securities Exchange.