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Black Iron updates total funds required to be raised for Shymanivske Project in Ukraine to $505 mln.

Canada's Black Iron implementing the investment project to create a new iron ore production facility in Kryvy Rih (Dnipropetrovsk region, Shymanivske iron ore project), has estimated the total funds required to be raised for the project at $505 million, including $452 million required for project construction.

According to a company press release, once financing costs, tax refund timing delays and working capital for start-up are added, the total funds required to be raised is estimated by Black Iron's financial advisor to be near $505 million not including a cost overrun facility or guarantee that may be required by senior debt lenders of an additional around 5 to 15%.

Several term sheets have been received for the capital required for project construction as following project sources: $100 million from royalty, $65 million from the construction company, and $260-300 million as senior debt.

Black Iron is ideally seeking the balance of funds required for construction of the project to come from an offtake agreement with a steel mill or global trading house and is currently running a two phased process.

The first phase of this process closed on October 9, 2020 and select groups have been invited to a second phase, which will likely include either virtual or in-person site visits as has recently occurred.

Post signing of the offtake agreement, the company expects to enter into a binding agreement with a construction company to secure their investment.

This is expected to be followed by banks, export credit agencies and the royalty investor conducting due diligence in parallel to Black Iron's completing an updated feasibility study and environmental impact assessment to secure the balance of funding for project construction.

The company also said that further to the December 22, 2020 announcement regarding Black Iron signing a $100 million term sheet for a life of mine 6.75% royalty on the initial 4Mtpa production, the Toronto Stock Exchange (TSX) has reviewed this transaction and conditionally approved the granting of 30 million warrants to Perpetual Iron LLC for facilitating and supporting negotiations with the investor. Should Black Iron not enter into a binding definitive agreement with this investor prior to December 22, 2022, all warrants issued to Perpetual will expire. The issuance of the warrants is subject to final Toronto Stock Exchange approval.

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