Canadian iron ore exploration and development company Black Iron (TSX: BKI) (OTC: BKIRF) (GR: BIN) on Thursday announced its intention to complete a non-brokered private placement financing of up to 25,000,000 company units, each at a price of $0.06 per unit, for maximum gross proceeds of $1,500,000. According to the update, the company plans to use the net proceeds to advance Black Iron’s Shymanivske project, including to further discussions and negotiations to secure essential land surface rights and construction financing, as well as for general working capital. Each unit will consist of one common share of the company and one-half of one common share purchase warrant. Holders will be entitled to acquire a common share at a price of $0.09 for a period of three years from the date of issuance. In the event that the company’s common shares trade at $0.15 or higher on the Toronto Stock Exchange for a period of 10 consecutive days, Black Iron shall have the right to accelerate the expiry date of the warrants to the date that is 30 days after the company issues a news release announcing its election to exercise the acceleration right.
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About Black Iron Inc.
Black Iron is an iron-ore exploration and development company, advancing its 100 percent-owned Shymanivske Project located in Kryviy Rih, Ukraine. The Shymanivske Project contains a NI 43-101 compliant resource estimated to be 646 Mt Measured and Indicated mineral resources, consisting of 355 Mt Measured mineral resources grading 31.6 percent total iron and 18.8 percent magnetic iron, and Indicated mineral resources of 290 Mt grading 31.1 percent total iron and 17.9 percent magnetic iron, using a cut-off grade of 10 percent magnetic iron. Additionally, the Shymanivske Project contains 188 Mt of Inferred mineral resources grading 30.1 percent total iron and 18.4 percent magnetic iron. Full mineral resource details can be found in the NI 43-101-compliant technical report entitled “Preliminary Economic Assessment of the Re-scoped Shymanivske Iron Ore Deposit” effective November 21, 2017, under the company’s profile on SEDAR. The Shymanivske Project is surrounded by five other operating mines, including ArcelorMittal’s iron ore complex. For more information, visit the company’s website at www.BlackIron.com.
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