viewBlack Iron Inc.

Black Iron unveils plans to raise over $1 million to further Shymanivske project

The company will use the proceeds to secure land surface rights and advance construction financing

Ukraine skyline
Shares of Black Iron were trading at C$0.06 on the TSX on Friday morning and US$0.05 in the US

Black Iron Inc (TSE:BKI) (OTCMKTS:BKIRF) plans to raise $1.5 million to help its iron project in Ukraine towards major upcoming milestones, it announced on Friday.

The Toronto-based junior plans to use the proceeds to advance the Shymanivske project by securing essential land surface rights, as well as further discussions and negotiations on construction financing and general working capital purposes.

The non-brokered private placement will include up to 25 million units at $0.06 per share for a maximum gross proceeds of $1.5 million.

READ: Black Iron making progress on bid to secure land at Shymanivske project

Each share will consist of one common share of the company, along with one-half share purchase warrant that entitles the holder to acquire a common share at $0.09 for three years from the date of issue.

Closing of the offering is expected to take place by March 29, 2019, subject to TSX approval.

Shares of Black Iron were trading at C$0.06 on the TSX on Friday morning and US$0.05 in the US.

Quick facts: Black Iron Inc.

Price: 0.13 CAD

Market: TSX
Market Cap: $30.6 m

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Black Iron Inc (CVE: BKI-OTC: BKIRF) CEO Matt Simpson joined Steve Darling from Proactive Vancouver with news the company has gone to the market announcing a private placement looking to raise 1.8 million. Simpson says that raise with go towards their Shymanivske project including...

on 04/27/2020

2 min read