Black Iron (BKI.TO) on Wednesday said it upsized the listed issuer financing exemption offering previously announced on April 6, 2026 by US$200,000, from gross proceeds of up to US$1.7 million to gross proceeds of up to US$1.9 million (around C$2.6 million).
The company said that the LIFE offering continues to be conducted on a non-brokered basis at a price of C$0.10 per unit of the company, for the issuance of up to an additional of around 2.6 million units pursuant to the upsizing, bringing the maximum number of units issuable under the LIFE offering to around 26.2 million units if fully subscribed.
The company further said that each unit will consist of one immediately free trading common share in the capital of the company and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share of the company at a price of C$0.20 per common share for a period of 36 months following the closing date, starting on the date that is 60 days from the closing date, subject to acceleration in certain circumstances.
The company added that the net proceeds will be used for ongoing project and administrative expenditures including permit renewal relating to its Shymanivske Project and general corporate purposes and working capital.
It further added that the completion of the offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the Toronto Stock Exchange, and closing for minimum gross proceeds of approximately US$1.2 million.