Business
Black Iron Announces Private Placement of Units for Gross Proceeds of up to US$1.7 million
Not for distribution to United States newswire services or for dissemination in the United States...
About this update from Black Iron Inc.
[{"type":"text","content":"Black Iron Announces Private Placement of Units for Gross Proceeds of up to US$1.7 millionNot for distribution to United States newswire services or for dissemination in the United States TORONTO, ON / ACCESS Newswire / April 6, 2026 / Black Iron Inc. (TSX:BKI) (\"Black Iron\" or the \"Company\") announced today that it intends to complete a non-brokered private placement (the \"Offering\") pursuant to which it will sell up to 23,660,600 units of the Company (each, a \"Unit\") at a price of C$0.10 per Unit (the \"Offering Price\") for gross proceeds to the Company of up to approximately US$1,700,000 (C$2,366,060), with the closing of the Offering subject to a minimum amount of gross proceeds of US$1,200,000 (C$1,670,160). It is anticipated that the closing of the Offering will occur on or about April 20, 2026, or such other date or dates as the Company may determine (the \"Closing Date\"). The Units issued to subscribers in the Offering will not be subject to a hold period pursuant to applicable Canadian securities laws.Each Unit will consist of one immediately free trading common share in the capital of the Company and one common share purchase warrant (each, a \"Warrant\"). Each Warrant will entitle the holder to purchase one common share of the Company at a price of C$0.20 per common share for a period of 36 months following the Closing Date, commencing on the date that is 60 days from the Closing Date, subject to acceleration in certain circumstances.The net proceeds from the sale of the Units will be used for ongoing project and administrative expenditures including permit renewal relating to the Company's Shymanivske Project and general corporate purposes and working capital as set out in the offering document.The completion of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the Toronto Stock Exchange, and closing for minimum gross proceeds of approximately US$1,200,000 (C$1,670,160).Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 - Prospectus Exemptions (\"NI 45-106\"), the Units will be offered for sale to purchasers resident in each of the provinces and territories of Canada pursuant to the listed issuer financing exemption under Part 5A of NI...