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Metinvest B.V. completes third $5 mln investment in Black Iron


Monday, 16 Jun 2014 07:06am EDT 

Black Iron Inc:Says it has received third installment payment of $5 million from Metinvest B.V. (Metinvest) as part of the previously announced closing schedule for the strategic investment and development arrangement pertaining to Black Iron (Cyprus) Ltd. (BKI Cyprus).In conjunction with the closing of the Arrangement, Metinvest has now paid $15 mln of the initial $20 mln financial contribution to the Shymanivske Iron Ore Project through the subscription of shares of BKI Cyprus.Says final $5 mln installment is scheduled to be received on July 15.Metinvest has also been issued common shares totaling about 36 pct of the share capital of BKI Cyprus to date. 

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24 Jul 2014