Noble Iron Receives $5 Million Private Placement Investment

May 7, 2013

Noble Iron closed a non-brokered private placement offering for 3,846,154 common shares of the company at $1.30 per share for gross proceeds of $5 million, which the company intends to use for growth and development initiatives. About 30 percent of the shares — 1,153,840 — were acquired by Iqbal Kassam, through INKredible Holdings, a company he controls. Kassam now owns, directly or indirectly, about 10.2 million common shares of Noble Iron, about 48.1 percent of the company’s issued and outstanding common shares.

“Participants in the offering ranged from institutional funds to Silicon Valley-based investors interested in the disruptive nature of our operating model,” said Noble Iron executive chairman Nabil Kassam. “Our new investors add significant strategic strength to Noble Iron as we continue building a remarkable company.”

Iqbal Kassan is Nabil Kassan’s father, and is controlling shareholder of investment firms such as Zynik Capital Corp. and INKredible Holdings. He is not a member of Noble Iron’s board or management team.

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. Its software division Texada Software has provided software to the rental industry for many years.