HOUSTON, TEXAS--(Marketwired - May 6, 2013) - Noble Iron Inc. (TSX VENTURE:NIR) ("Noble Iron" or the "Company") is pleased to announce the closing of a non-brokered private placement offering (the "Private Placement") for 3,846,154 common shares (the "Common Shares") of the Company at a price of $1.30 per share, for gross proceeds of $5,000,000. The Private Placement was fully subscribed, and the Company intends to use the proceeds for growth and development initiatives.
Nabil Kassam, Executive Chairman of Noble Iron commented, "participants in the offering ranged from institutional funds to Silicon Valley-based investors interested in the disruptive nature of our operating model." He continued, "our new investors add significant strategic strength to Noble Iron as we continue building a remarkable company."
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 receipt of final TSX Venture Exchange approval.
More information may be found at www.SEDAR.com.
About Noble Iron Inc. (TSX VENTURE:NIR)
Noble Iron Inc. operates in three complementary sectors: equipment rental, equipment sales and enterprise software for the construction and industrial equipment industry.
The Company operates its equipment rental and dealership business under the name "Noble Iron", and currently serves customers in California and Texas. Noble Iron rents and sells a wide range of construction equipment and accessories, and is the exclusive distributor of LiuGong Construction Machinery equipment in Southeast Texas.
Noble Iron Inc.'s software division, Texada Software, develops software applications to manage the complete equipment ownership lifecycle: from acquisition, rental, sales, maintenance, utilization analysis, through to disposal. Texada offers in-the-cloud or client-based software, and is scalable to meet the needs of any customer.
Noble Iron Inc. 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 industry; 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.
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