Black Iron Announces Private Placement of Units for Gross Proceeds of up to US$1.7 million

Black Iron Inc. has announced a non-brokered private placement offering aimed at raising up to US$1.7 million in gross proceeds through the issuance of up to 23.66 million units priced at C$0.10 per unit. The financing is structured with a minimum threshold of US$1.2 million and is expected to close on or around April 20, 2026, subject to regulatory approvals including Toronto Stock Exchange approval.

Each unit comprises one common share and one warrant exercisable at C$0.20 per share for 36 months following closing, with the exercise period commencing 60 days after the closing date. The units will be free-trading upon issuance under Canadian securities laws, providing immediate liquidity for investors. The company may pay finder's fees of up to 6% in cash and broker warrants to eligible finders.

The net proceeds from this financing will support ongoing operational requirements for Black Iron's flagship Shymanivske Iron Ore Project located in Ukraine's Kryviy Rih region, specifically targeting permit renewal processes and administrative expenditures. The project represents a significant iron ore development opportunity in a region surrounded by five operating mines, including facilities operated by major players Metinvest and ArcelorMittal.

This financing comes at a critical time for Black Iron as the company navigates the challenging operating environment in Ukraine while maintaining its development timeline for the Shymanivske project. The successful completion of this placement will provide essential working capital to advance the project through its current phase and maintain corporate operations. The relatively modest financing size reflects the company's focused approach to capital allocation during uncertain geopolitical conditions while preserving shareholder value through the warrant component that provides upside participation at higher share prices.