Rab Capital Discloses Disposal of Investment IN Black Iron Inc.
RAB CAPITAL DISCLOSES DISPOSAL OF INVESTMENT IN BLACK IRON INC.
FOR IMMEDIATE RELEASE
BRENTWOOD, U.K., May 16 2025 – RAB Capital Holdings Limited, Eagles Trust Limited and RAB
Special Situations (Master) Fund Limited all private investment holding corporation owned by Mr.
William Philip Richards (collectively, the “Reporter”), reports that, RAB Capital Holdings Limited
disposed of 9,061,168 Common Shares for aggregate consideration of $1,536,808 from January 10, 2025,
to May 14, 2025 of Black Iron Inc. (BKI:TSX) (“Black Iron”) in the open market, at an average price of
$0.1699 per common share (the “Disposal”).
The Reporter now beneficially owns and controls 39,274,500 Black Iron shares (representing
approximately 12.94% of the outstanding Shares on a non-diluted and partially-diluted basis). Prior to the
Disposal, the Reporter beneficially owned 48,335,668 common shares of Black Iron representing
approximately 15.93% of the outstanding Shares on a non-diluted and partially-diluted basis
The Black Iron shares were disposed of by the Reporter for investment purposes. The Reporter has a
long-term view of the investment and may acquire additional securities of Black Iron, including on the
open market or through private acquisitions, or sell securities of Black Iron, including on the open market
or through private dispositions, in the future depending on market conditions, reformulation of plans
and/or other relevant factors.
A copy of the early warning report with respect to the foregoing will appear on Black Iron’s profile on
SEDAR+ at www.sedarplus.ca and may also be obtained by contacting RAB Capital at + 44 (0) 20 7389
7000 (6 Kilmington Close, Brentwood, United Kingdom CM13 2JZ)
RAB Capital Holdings Limited
“Andrew Knatchbull”
Andrew Knatchbull
Finance Director
T: +44 2073897161