Black Iron Inc announced that the Underwriters of its previously announced bought deal offering have exercised their over-allotment option to purchase an additional 2,555,200 common shares of the Company at a price of CAD 1.40 per Optioned Share for aggregate gross proceeds of CAD 3,577,280.

The Optioned Shares were sold pursuant to the over-allotment option granted to the Underwriters by the Company pursuant to the underwriting agreement between the Company and a syndicate of underwriters led by GMP Securities LP and including Canaccord Genuity Corp, CIBC World Markets Inc, BMO Nesbitt Burns Inc, Dundee Securities Ltd and Macquarie Capital Markets Canada Ltd.

The Optioned Shares have not been, and will not be, registered under the United States Securities Act of 1933, as amended or any US state securities laws and may not be offered or sold in the United States or to US Persons absent registration or an available exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Optioned Shares, in any jurisdiction in which such offer, solicitation or sale would be unlawful.