Black Iron’S Largest Shareholder Rab Capital Increases Ownership
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2 March 2022
BLACK IRON’S LARGEST SHAREHOLDER RAB CAPITAL
INCREASES OWNERSHIP
For Immediate Release
TORONTO, CANADA, March 2, 2022 – Black Iron Inc. (“Black Iron” or the “Company”)
(TSX: BKI; OTC: BKIRF; FWB: BIN) is pleased to report that the Company’s largest
shareholder, RAB Capital, recently purchased 2,500,000 shares of the Company (“ BKI
Shares”) in the market at an average price of $0.1243 per BKI Share to increase its
ownership position to approximately 15%.
RAB Capital is a private investment holding company of which Mr Philip Richards is
majority shareholder. He commented, "We increased our ownership of Black Iron for
four good reasons: 1) the high purity and high-grade iron ore that Black Iron plans to
produce is essential to make Green Steel which in our view is the future of the steel
industry. 2) We support the strong management and the whole team in Ukraine. 3) We
believe that Ukraine will remain independent as the clouds of war clear. 4) There is a
new impetus to Ukraine joining the European Union on a fast track which is a direct
result of massive public support for Ukraine in this war, and displayed openly yesterday
in the European Parliament. Our project will benefit greatly in my view from European
Union financing initiatives in the near future once this war is over."
As of writing, all of Black Iron’s team members are safe and being supported through
access to advanced salaries to help cover essential living costs. Black Iron is also working
with the local city to provide humanitarian support. All work in Ukraine is currently halted
as people remain with their families during this trying time. Black Iron will be completing
its feasibility study as this work is very well advanced and an essential input for investors
to conduct due diligence once the situation stabilizes.
Should readers wish to support a humanitarian appeal dedicated to Ukraine, the appeal
established by the Ukra inian Canadian Congress (UCC) and the Canada -Ukraine
Foundation (CUF) is recommended. Donations of support can be made at the following
website: www.cufoundation.ca
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About Black Iron
Black Iron is an iron ore e xploration and development company, advancing its 100%
owned Shymanivske Iron Ore Project located in Kryviy Rih, Ukraine. Full mineral resource
details and projected project economics can be found in the NI 43 -101 technical report
entitled “(Amended) Preliminary Economic Assessment of the Re -scoped Shymanivske
Iron Ore Deposit” published in March 2020 with an effective date of November 21, 2017
under the Company’s profile on SEDAR at www.sedar.com. The Project is surrounded by
five other operating mines, in cluding Metinvest’s YuGOK and ArcelorMittal's iron ore
complex. Please visit the Company's website at www.blackiron.com for more information.
For more information, please contact:
Matt Simpson
Chief Executive Officer
Black Iron Inc.
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. Forward-looking information may include,
but is not limited to, statements with respect to the updates regarding the acquisition of BKI Shares by RAB
Capital, the updated feasibility study and the timing of delivery thereof, discussions with the Ukraine
government on land transfer, construction and development of the Project 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 for ward-looking information, including
but not limited to: general business, economic, competitive, geopolitical and social uncertainties; outbreak
of war in Ukraine, progress of the Company’s service providers ; negotiations with third parties and the
Ukrainian government; 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 contai ned 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 m aterially 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 are not mineral
reserves and do not have demonstrated economic viability.