/NOT FOR DISSEMINATION INTO THE UNITED STATES OF AMERICA OR DISTRIBUTION
TO U.S. NEWSWIRE SERVICES/
TSX Venture
Exchange: FEO
ALL AMOUNTS ARE STATED IN CANADIAN DOLLARS,
UNLESS OTHERWISE NOTED
VANCOUVER, BC, Nov. 29,
2023 /CNW/ - Oceanic Iron Ore Corp. – November 29, 2023 (TSXV: FEO) ("Oceanic",
or the "Company") announces that it has entered into an
agreement with the holder of the Company's previously issued Series
B convertible debenture (the "Series B
Debenture") to replace the existing Series B Debenture with
a new debenture (the "Replacement Debenture")
maturing on November 29, 2028.
The Series B Debenture was convertible to units (each a
"Unit") at the election of the holder at a price of
$0.10 per Unit. Upon conversion, each
Unit consists of one (1) common share in the capital of the Company
(each, a "Common Share") and one (1) common share purchase
warrant of the Company (each, a "Warrant"), with each whole
Warrant entitling the holder to purchase one Common Share (each, a
"Warrant Share") at a price of $0.05 per Warrant Share.
As previously announced on November 23,
2023, the Replacement Debenture maintains substantially the
same terms as the Series B Debenture, other than (i) the Warrant
exercise price is $0.07 and (ii) the
maturity date is November 29,
2028.
Should any portion of the Replacement Debenture be converted
into Units prior to March 29, 2024,
the Common Shares issued in relation thereto will be subject to a
statutory hold until March 29,
2024.
OCEANIC IRON ORE CORP. (www.oceanicironore.com)
On behalf of the Board of Directors
"Steven Dean"
Chairman
+1 (604) 566-9080
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This news release includes certain "Forward-Looking
Statements" as that term is used in applicable securities law. All
statements included herein, other than statements of historical
fact, including, without limitation, statements regarding the terms
of the Replacement Debenture, any conversion of the Replacement
Debenture and future plans and objectives of the Company are
forward-looking statements that involve various risks and
uncertainties. In certain cases, forward-looking statements can be
identified by the use of words such as "plans", "intends",
"expects" or "does not expect", "scheduled", "believes", or
variations of such words and phrases or statements that certain
actions, events or results "potentially", "may", "could", "would",
"might" or "will" be taken, occur or be achieved. There can be no
assurance that such statements will prove to be accurate, and
actual results could differ materially from those expressed or
implied by such statements. Forward-looking statements are based on
certain assumptions that management believes are reasonable at the
time they are made. In making the forward-looking statements in
this presentation, the Company has applied several material
assumptions, including, but not limited to, the assumption that:
(1) there being no significant disruptions affecting operations,
whether due to labour/supply disruptions, damage to equipment or
otherwise; (2) permitting, development, expansion and power supply
proceeding on a basis consistent with the Company's current
expectations; (3) certain price assumptions for iron ore; (4)
prices for availability of natural gas, fuel oil, electricity,
parts and equipment and other key supplies remaining consistent
with current levels; (5) the accuracy of current mineral resource
estimates on the Company's property; and (6) labour and material
costs increasing on a basis consistent with the Company's current
expectations. Important factors that could cause actual results to
differ materially from the Company's expectations are disclosed
under the heading "Risks and Uncertainties" in
the Company's most recently filed management discussion and
analysis filed on November 23, 2023
(a copy of which is publicly available on SEDAR+ at
www.sedarplus.ca under the Company's profile) and
elsewhere in documents filed from time to time, including MD&A,
with the TSX Venture Exchange and other regulatory authorities.
Such factors include, among others, risks related to the ability of
the Company to obtain adequate insurance; the economy generally;
fluctuations in the currency markets; fluctuations in the spot and
forward price of iron ore or certain other commodities (e.g.,
diesel fuel and electricity); changes in interest rates; disruption
to the credit markets and delays in obtaining financing; the
possibility of cost overruns or unanticipated expenses; employee
relations. Accordingly, readers are advised not to place undue
reliance on Forward-Looking Statements. Except as required under
applicable securities legislation, the Company undertakes no
obligation to publicly update or revise Forward-Looking Statements,
whether as a result of new information, future events or
otherwise.
SOURCE Oceanic Iron Ore Corp.