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Black Iron secures up to C$11M investment for Shymanivske iron ore project

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Black Iron secures up to C$11M investment for Shymanivske iron ore project

Black Iron Inc. agreed to issue convertible securities to Lind Global Macro Fund LP for up to C$11 million to advance its Shymanivske iron ore project in Ukraine.

Lind will make an initial investment of C$2.3 million, and an additional investment of up to C$9 million.

The company said Sept. 18 it will also issue 13,081,395 warrants to Lind, exercisable for four years at 11 Canadian cents per share.

Black Iron CEO Matt Simpson said there is a "major disconnect" between the company's US$11 million market cap and the US$1.66 billion posttax net present value for the Shymanivske project.

The investment will also ensure that any payments required to secure land can be made with less market risk, Simpson noted.

Meanwhile, two Asia-based construction companies that are interested in investing US$50 million of equity during construction of the Shymanivske project will soon visit the site to conduct due diligence.

Simpson will also meet with the CEO of a large Middle East-headquartered steel company that is interested in investing equity for project construction alongside Glencore PLC, the company noted.