Noble Iron Announces $6 Million Equity Investment
Oct. 28, 2014
SAN FRANCISCO, CALIFORNIA—(Marketwired – Oct. 24, 2014) – Noble Iron Inc. (“Noble Iron” or the “Company”) (TSX VENTURE:NIR)
Noble Iron announced the closing of a non-brokered private placement offering (the “Private Placement”) for 6,000,000 common shares (the “Common Shares”) of the Company at a price of $1.00 per share, for gross proceeds of $6,000,000. The Private Placement was fully subscribed, and the Company intends to use the proceeds for growth and development initiatives. Existing shareholders subscribed for the majority of the offering, and Noble Iron’s management and independent directors subscribed for over 15% of the issue.
The Common Shares issued in connection with the closing of the Private Placement are subject to hold periods of four months and one day from the date of distribution under applicable securities laws and stock exchange rules. The Private Placement is subject to the receipt of final TSX Venture Exchange approval.
Noble Iron also announced the grant of stock options to management and independent directors. The Board approved a special grant of 500,000 stock options to Noble Iron’s founder, Nabil Kassam, due to his strategic importance to the Company. Mr. Kassam also invested in the Private Placement, and expressed his commitment to a vision of building long-term shareholder value. In keeping with this commitment, the strike price for Mr. Kassam’s options is $1.30 per share, which represents a 30% premium over the price of the Private Placement offering.
In addition, a total of 195,000 stock options were granted to the independent directors, at a strike price of $1.00 per share. These grants represent the total amount of all compensation to independent directors for their service on the Board and Board committees during 2014-2015.
More information about the Company can be found at www.sedar.com
About Noble Iron Inc. (NIR: TSX Venture Exchange)
Noble Iron Inc. operates in equipment rental, equipment sales, and enterprise asset management software for the construction and industrial equipment industry. Noble Iron Inc.'s equipment rental and dealership business operates under the name “Noble Iron”, and currently serves customers in California and Texas. Noble Iron offers construction and industrial equipment and accessories for rent and for sale, and is the exclusive distributor of LiuGong Construction Machinery equipment in Southeast Texas.
Noble Iron Inc.'s software division operates under the name “Texada Software”. Texada Software develops software applications to manage the complete equipment ownership lifecycle: from equipment purchasing; rental & sales transactions; inventory management; maintenance & depreciation tracking; through to used equipment sales, disposal & inventory replenishment. Texada Software offers in-the-cloud or client-based software, and is scalable to meet the needs of any equipment rental company, dealership, construction company, contractor, and any customer who owns or uses construction or industrial equipment.
The company can be reached at 1-832-767-4424, or at www.nobleiron.com.
This news release may contain forward-looking statements which reflect the Company’s current expectations regarding future events. The forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan, “estimate”, “expect”, “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. These forward-looking statements involve risk and uncertainties, including the difficulty in predicting acceptance of and demands for new products, the impact of the products and pricing strategies of competitors, delays in developing and launching new products, fluctuations in operating results and other risks, any of which could cause results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. Many risks are inherent in the industries in which the Company participates; others are more specific to the Company. The Company’s ongoing quarterly filings should be consulted for additional information on risks and uncertainties relating to these forward-looking statements. Investors should not place undue reliance on any forward-looking statements. Management assumes no obligation to update or alter any forward-looking statements whether as a result of new information, further events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Noble Iron Inc.
Chief Financial Officer
(832) 767-4424 Ext. 207
Noble Iron Inc.
Founder, Chairman & CEO