Ukrainian mining and steel producing group Metinvest has announced that Black Iron Inc. has received the fourth and final installment payment of $5 million from Metinvest as part of the previously announced closing schedule for the strategic investment and development arrangement pertaining to Black Iron (Cyprus) Ltd.
In conjunction with the closing of the arrangement and receipt of the $20 million, Metinvest has been issued common shares in BKI Cyprus representing an aggregate total of 49 percent of the share capital of BKI Cyprus. No common shares in Black Iron have been issued as part of the arrangement. Black Iron remains the operator and developer of the Shymanivske and the Zelenivske projects in Ukraine.