Mr. Thomas Caldaroni reports

NOBLE IRON ANNOUNCES $6 MILLION EQUITY INVESTMENT

Noble Iron Inc. has closed a non-brokered private placement offering for six million common shares of the company at a price of $1 per share for gross proceeds of $6-million. The private placement was fully subscribed, and the company intends to use the proceeds for growth and development initiatives. Existing shareholders subscribed for the majority of the offering, and Noble Iron's management and independent directors subscribed for over 15 per cent of the issue.

The common shares issued in connection with the closing of the private placement are subject to a hold period of four months and one day from the date of distribution under applicable securities laws and stock exchange rules. The private placement is subject to the receipt of final TSX Venture Exchange approval.

Noble Iron also announced the grant of stock options to management and independent directors. The board approved a special grant of 500,000 stock options to Noble Iron's founder, Nabil Kassam, due to his strategic importance to the company. Mr. Kassam also invested in the private placement and expressed his commitment to a vision of building long-term shareholder value. In keeping with this commitment, the strike price for Mr. Kassam's options is $1.30 per share, which represents a 30-per-cent premium over the price of the private placement offering.

In addition, a total of 195,000 stock options were granted to the independent directors at a strike price of $1 per share. These grants represent the total amount of all compensation to independent directors for their service on the board and board committees during 2014 and 2015.

We seek Safe Harbor.