After receiving $15 million in additional debt financing last week, Noble Iron has announced a non-brokered private placement offering of up to CDN $5 million for 3.8 million common shares of the company at $1.30 per share. Noble Iron plans to use the proceeds for growth initiatives at its Southern California and Houston facilities and for general working capital purposes.
The private placement is expected to close on or about April 30 and may close within 21 days of that date if the company determines it reasonable. Insiders of the company are expected to subscribe for at least 25 percent of the placement. The common shares issued 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 required regulatory and Toronto Stock Exchange approvals.
Noble Iron, headquartered in Houston, operates in three sectors: equipment rental, equipment dealership and enterprise asset management software for the construction and industrial equipment industry, operating as Texada Software, based in Guelph, Ontario. Noble Iron operates rental and dealership locations in California and Texas.
