Canadian iron ore exploration and development company Black Iron (TSX: BKI) (OTC: BKIRF) (GR: BIN) this
morning announced that it has upsized and closed the second and final tranche
of a previously announced non-brokered private placement of units of the
company. According to the update and per the second tranche, the company issued
9,043,950 units, each at a price of $0.06, for gross proceeds of $542,637.
Combined with the March 29, 2019 closing of the first tranche, Black Iron has
issued a total of 26,552,390 units for gross proceeds of $1,593,143. To
accommodate investor interest, the company upsized the offering from
$1,500,000. Company management asks that investors who were unable to receive
an allocation or their target allocation of the offering purchase Black Iron
shares in the market. Black Iron intends to use the offering’s net proceeds to
advance its Shymanivske project, including negotiations to secure essential
land surface rights, to further construction financing discussions and
negotiations and for purposes of general working capital.
To view the full press release, visit http://ibn.fm/ugWyn
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
NOTE TO INVESTORS: The latest news and updates
relating to BKIRF are available in the company’s newsroom at http://ibn.fm/BKIRF
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