VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 2, 2016) - Iqbal Kassam announced today that he has disposed of, indirectly through a company controlled by him, Zynik Capital Corporation ("Zynik"), a successor corporation to 1610488 Ontario Ltd., ownership of 9,907,479 common shares ("Shares") of Noble Iron Inc. ("Noble Iron") at $0.05 per Share, for aggregate consideration of $495,373.95 pursuant to a share purchase agreement between Zynik, as vendor, and Mr. Nabil Kassam, as purchaser.
As a result of the disposition, Mr. Iqbal Kassam owns, directly or indirectly, 3,776,209 Shares, representing approximately 13.77% of the issued and outstanding 27,417,479 Shares as reported by Noble Iron in its management's discussion and analysis dated May 26, 2016.
The Shares were disposed of by Mr. Iqbal Kassam for investment purposes. Mr. Iqbal Kassam's investments will be reviewed on a continuing basis and the holdings may be increased or decreased in the future.
As a result of the acquisition, Mr. Nabil Kassam, the Chief Executive Officer of Noble Iron, owns directly 10,045,595 Shares and holds options entitling him to purchase 1,550,000 Shares, representing in the aggregate 40.03% of the issued and outstanding Shares on a partially diluted basis.
The Shares were acquired by Mr. Nabil Kassam in reliance on the private agreement exemption from the formal take-over bid provisions of securities legislation for investment purposes. Mr. Nabil Kassam's investments will be reviewed on a continuing basis and the holdings may be increased or decreased in the future.