In conjunction with the closing of the Arrangement, Metinvest has now paid US$15 million of the initial US$20 million financial contribution to the Shymanivske Iron Ore Project through the subscription of shares of BKI Cyprus.
The final US$5 million installment is scheduled to be received on July 15, 2014. Metinvest has also been issued common shares totaling approximately 36% of the share capital of BKI Cyprus to date.
Matt Simpson, President and CEO of Black Iron commented, "With the recently completed Presidential election now behind us, we are optimistic about getting back to business in Ukraine. The continued commitment by Metinvest and Black Iron to the development of the Shymanivske Iron Ore Project demonstrates a dedication to rebuilding Ukraine through the creation of new jobs, tax revenues, and the introduction of world-class technologies, equipment and best international practices for operations and environmental impact."
