HOUSTON, TEXAS--(Marketwire - March 26, 2013) - Noble Iron Inc. ("Noble Iron" or the "Company") (TSX VENTURE:NIR) Following last week's announcement of Noble Iron's receipt of $15MM additional debt financing, the Company today announced a non-brokered private placement (the "Private Placement") offering of up to $5.0MM CDN, for 3,846,154 common shares of the Company at a price of $1.30 per share. Noble Iron intends to use the proceeds for growth initiatives at its Southern California and Houston CELLs (Centralized Equipment Logistics Location ™), and for general working capital purposes.
The Private Placement is expected to close on or about April 30, 2013, and may close within 21 days of such date if the Company determines it is reasonable given the circumstances. Insiders of the Company are expected to subscribe for at least 25% of the Private Placement.
The common shares issued in connection with the Private Placement will be subject to a hold period of four months and one day from the date of distribution under applicable securities laws. The Private Placement is subject to receipt of all required regulatory and Toronto Stock Exchange approvals.
More information about the Company can be found at www.sedar.com.
About Noble Iron Inc. (TSX VENTURE:NIR)
Noble Iron Inc. operates in three complementary sectors: equipment rental, equipment dealership and enterprise asset management software for the construction and industrial equipment industry.
The Company operates its equipment rental business and dealerships under the name "Noble Iron". Noble Iron rental depots, or CELLs (Centralized Equipment Logistics Location ™), currently serve customers in California and Texas. Noble Iron offers select manufacturer equipment and accessories for sale, and is the exclusive distributor of LiuGong Construction Machinery equipment in Southeast Texas.
The Company's software division, Texada Software, develops software applications to manage the complete equipment ownership lifecycle, from acquisition, rental, sales and other activities, through to disposal. Texada offers in-the-cloud or client-based software, and is scalable to meet the needs of any customer.
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.