NetworkNewsBreaks – Black Iron Inc. (TSX: BKI) (OTC: BKIRF) (GR: BIN) to Utilize Private Placement Proceeds for Project Advancement
May 14, 2019
Black Iron (TSX: BKI) (OTC: BKIRF) (GR: BIN), a Canadian iron ore exploration and development company recently closed the final tranche of a private placement of units. The company has maintained its focus of advancing the development of its wholly owned Shymanivske iron ore project toward construction. An article discussing the company reads, “The funds generated through the nonbrokered private placement are earmarked for securing essential land surface rights and furthering the advancement of Shymanivske iron ore project construction and financing. . . . Pursuant to the closing of the second tranche, the company issued 9,043,950 units at a price of $0.06 per unit for gross proceeds of $542,637. Combined with the closing of the first tranche, the private placement is set to generate gross proceeds of $1,593,143.”
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About Black Iron Inc.
Black Iron is an iron ore exploration and development company, advancing its 100%-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% total iron and 18.8% magnetic iron, and Indicated mineral resources of 290 Mt grading 31.1% total iron and 17.9% magnetic iron, using a cut-off grade of 10% magnetic iron. Additionally, the Shymanivske Project contains 188 Mt of Inferred mineral resources grading 30.1% total iron and 18.4% 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://nnw.fm/BKIRF
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