RAB Capital is a private investment holding company of which Mr Philip Richards is majority shareholder


Black Iron’s largest shareholder Rab Capital increases ownership

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.

Source: Company Press Release