BKI Black Iron Inc

Black Iron Inc. ("Black Iron" or the "Company") (TSX:BKI)(FRANKFURT:BIN) - 



--  ALL TRANSACTION APPROVALS HAVE NOW BEEN OBTAINED INCLUDING ANTIMONOPOLY
    APPROVAL FROM UKRAINIAN AUTHORITIES 

--  STRATEGIC DEVELOPMENT ARRANGEMENT EXPECTED TO CLOSE WITHIN TWO MONTHS
    INCLUDING RECEIPT OF THE INITIAL US$20 MILLION INVESTMENT FROM METINVEST



Black Iron Inc. and Metinvest B.V. ("Metinvest") have received approval from the
Antimonopoly Committee of Ukraine for the previously announced strategic
investment and development arrangement (the "Arrangement"), in respect of Black
Iron (Cyprus) Ltd. ("BKI Cyprus"), a wholly-owned subsidiary of Black Iron
(please see Black Iron's news release dated July 23, 2013). Previous required
approvals for the Arrangement were received from the Toronto Stock Exchange and
the Serbian Commission for the Protection of Competition. Hence, all regulatory
approvals have now been obtained allowing the Arrangement to move towards
financial close.


Both parties are now working towards the closing of the Arrangement, which is
anticipated to occur within two months. This will include an initial financial
contribution by Metinvest of US$20 million to the account of BKI Cyprus and
issuance to Metinvest of common shares equal to 49% of BKI Cyprus's share
capital. 


About Black Iron

Black Iron is an iron ore exploration and development company, advancing its
100% owned Shymanivske project located in Kryviy Rih, Ukraine. This project
contains an NI 43-101 compliant resource, with 645.8 Mt Measured and Indicated
mineral resources, consisting of 355.1 Mt Measured mineral resources grading
32.0% Total iron and 19.5% Magnetic iron, and Indicated mineral resources of
290.7 Mt grading 31.1% Total iron and 17.9% Magnetic iron, using a cut-off grade
of 10% Magnetic iron. Additionally, the project contains 188.3 Mt of Inferred
mineral resources grading 30.1% Total iron and 18.4% Magnetic iron. Full mineral
Resource details can be found in the National Instrument 43-101 compliant
technical report dated December 17, 2012 titled "Feasibility Study of the
Shymanivske Iron Ore Deposit for Black Iron Inc." under the Company's profile on
SEDAR at www.sedar.com. The project is surrounded by five other operating mines,
including ArcelorMittal's iron ore complex. Further, the Company holds an
exploration permit for the adjacent Zelenivske project, which it intends to
further explore to determine its potential. Please write us at
info@blackiron.com for more information.


The technical and scientific contents of this press release have been prepared
under the supervision of and have been reviewed and approved by Matt Simpson,
P.Eng, President and CEO of Black Iron Inc., who is a Qualified Person as
defined by NI 43-101. For further information, please see the technical report
of the Company, which is available on SEDAR at www.sedar.com.


Forward-Looking Information

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, including those factors discussed in the section
entitled "Risk Factors" in the Company's annual information form for the year
ended December 31, 2011 (and dated March 26, 2012) or as may be identified in
the Company's public disclosure from time to time, as filed under the Company's
profile on SEDAR at www.sedar.com. Forward-looking information may include, but
is not limited to, statements with respect to the completion of the transaction
with Metinvest, the receipt of all governmental and regulatory approvals, the
future financial or operating performance of the Company, its subsidiaries and
its projects, the development of and the anticipated timing with respect to the
Shymanivske project, the ability to obtain financing; and the impact of concerns
relating to permitting, regulation, governmental and local community relations.
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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Michael McAllister
Manager, Investor Relations
Black Iron Inc.
+1 (416) 309-2950
info@blackiron.com


Matt Simpson
President & CEO
Black Iron Inc.
+1 (416) 309-2138


Alexey Komlyk
Head of Media and Marketing Communications
Metinvest Holdings LLC
+380623881703
press@metinvestholding.com

Black Iron (TSX:BKI)
Historical Stock Chart
From Apr 2024 to May 2024

Black Iron (TSX:BKI)
Historical Stock Chart
From May 2023 to May 2024