TSX Venture Exchange: FEO
VANCOUVER, Nov. 17, 2017 /CNW/ - Oceanic Iron Ore Corp.
(TSX-V: FEO) ("Oceanic", or the "Company")
announces that pursuant to the terms of a convertible debenture
issued by the Company to Sino-Canada Natural Resources Fund I
("Sino-Canada") on May 23,
2013 and amended under an Amendment Agreement dated for
reference on September 18, 2015 (the
"Debenture"), Oceanic has provided formal notice to
Sino-Canada that the Company will repay the remaining principal and
interest balance of the Debenture, by way of issuance of 16,734,703
common shares of the Company from treasury, in lieu of cash, on
November 23, 2017 being the maturity
date of the Debenture.
The amount to be repaid of $2,043,307.26 comprises a principal balance owing
of $2,025,329 plus accrued and unpaid
interest up to the maturity date of $17,978.26. As dictated by the terms of the
Debenture, the conversion price is based on the volume weighted
average share price during the 20 trading days ending on the day
before the Company provided notice of its intent to repay the
Debenture in common shares of the Company, being $0.1221.
The repayment of accrued and unpaid interest charges remains
subject to regulatory approval.
Further updates will be provided in due course.
OCEANIC IRON ORE CORP. (www.oceanicironore.com)
On behalf of the Board of Directors
"Steven Dean"
Chairman
+604 566-9080
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 potential
mineralization and resources, exploration results, and future plans
and objectives of Oceanic Iron Ore Corp. ("Oceanic", or 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",
"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 MD&A filed August 23,
2017 (a copy of which is publicly available on SEDAR at
www.sedar.com 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 necessary financing and 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.
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.
SOURCE Oceanic Iron Ore Corp.