For Immediate Release
TORONTO, CANADA, May 20, 2021 – Black Iron Inc. (“Black Iron” or the “Company”) (TSX: BKI; OTC: BKIRF; FWB: BIN) announces that the Company’s largest shareholder RAB Capital Holdings Limited (“RAB Capital”) has exercised 9.2 million warrants to increase its holding of common shares of the Company from 10.5% to 13.5%.
RAB Capital Co-Founder and President Phillip Richards stated: “RAB Capital is pleased to exercise all of its warrants in support of the Black Iron management and their development plans. RAB is excited by the substantial proposed investment from Cargill into the Shymanivske project and believe that their global reach and over 30 years’ experience in Ukraine can only help make the Shymanivske project a reality. Even at much lower iron ore prices this project should be very profitable and RAB believes that the high-grade magnetite enables the production of Green Steel using zero emission green hydrogen as the fuel source will be much in demand as the new Green Economy is built out. RAB Capital intends to keep its holding in Black Iron for the long term and may further add to this investment.”
Black Iron’s CEO Matt Simpson stated: “RAB Capital has been a very supportive and highly engaged shareholder of Black Iron. This current exercise of all of their warrants to increase RAB Capital’s ownership position further reinforces their belief in the strong financial and environmental merits of our Shymanivske iron ore project.”
About Black Iron
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 mineral resource estimated to be 646 Mt Measured and Indicated mineral resources, consisting of 355 Mt Measured mineral resources grading 32.0% total iron and 19.5% 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 (the “PEA”) under the Company’s profile on SEDAR at www.sedar.com. The Shymanivske project is surrounded by five other operating mines, including ArcelorMittal’s iron ore complex. The PEA is preliminary in nature, and it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Please visit the Company’s website at www.blackiron.com for more information.
For more information, please contact:
Chief Executive Officer
Black Iron Inc.
Tel: +1 (416) 309-2138
This press release contains forward-looking information. Forward-looking information is based on what management believes to be reasonable assumptions, opinions and estimates of the date such statements are made based on information available to them at that time. Forward-looking information may include, but is not limited to, statements with respect to the exercise of warrants by RAB Capital, RAB Capital’s plans with respect to the common shares of the Company and the Company’s future plans. Generally, forward looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; other risks of the mining industry and the risks described in the annual information form of the Company. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. The Company notes that mineral resources that are not mineral reserves do not have demonstrated economic viability.