Oceanic Announces Results of Its Annual General Meeting of
Shareholders
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov 28, 2013) -
Oceanic Iron Ore Corp. ("Oceanic" or the "Company")
(TSX-VENTURE:FEO)(OTXQX:FEOVF) is pleased to announce the results
of voting at its recent Annual General Meeting of Shareholders
("AGM") held today.
Shareholders
approved all items put forward by the Board of Directors and
management. Jean Martel, who was nominated for the board of
directors, was elected, and the remaining four individuals
nominated for the board of directors – Steven G. Dean, Gordon Keep,
Gregg Sedun, and the Hon. John Reynolds P.C. – were re-elected.
Shareholders also
approved:
- the re-appointment of PricewaterhouseCoopers LLP, Chartered
Accountants, as auditors of the Company for the ensuing year at a
remuneration to be fixed by the directors
- the ratification and approval of the Company's Amended Stock
Option Plan
- the ratification and approval of the re-pricing of previously
granted stock options to insiders of the Company to the higher of
$0.16 and the Company's closing stock price as at November 28,
2013
- the adoption and approval of the amendments to the Company's
articles to implement the Advance Notice Provisions, which govern
the process for nomination of directors of the Company at
shareholder meetings
- the ratification and approval of the Company's Restricted Share
Unit Plan, subject to final regulatory approval
At least 59,802,560
common shares of the Company were voted, representing approximately
30.4 % of total shares issued and outstanding as at the record date
of the AGM.
Subsequent to the
AGM, a total of 19,643,500 stock options, held by directors,
officers, employees and consultants, were re-priced to $0.16 per
option
Additionally,
subsequent to the AGM, the Company granted a total of 4,764,063
Restricted Share Units to directors, officers and employees of the
Company
About Oceanic:
Oceanic is focused
on the development of its 100% owned Hopes Advance, Morgan Lake and
Roberts Lake iron ore development projects located on the coast in
the Labrador Trough in Québec, Canada. The Company is led by a
highly experienced management team that has managed, operated
developed and/or sold over $20 bn in assets. The Company published
a technical report entitled "Oceanic Iron Ore Corp. - NI 43-101
Technical Report on a Prefeasibility Study Completed on the Hopes
Advance Bay Iron Deposits Ungava Bay Region, Québec, Canada - NTS
24M/08, 24N05" dated November 2, 2012, outlining a base case
pre-tax NPV of $5.6 bn (post-tax NPV of $3.2 bn) over a 30-year
mine life, supported by a NI 43-101 proven and probable reserve of
approximately 1.36 bn tonnes with a grade of 32.2% Fe (comprising
763 million tonnes of proven reserves with a grade of 32.3% Fe and
596 million tonnes of probable reserves with a grade of 32.1% Fe)
and a life of mine operating cost of approximately $30/tonne,
making it one of the lowest cost development projects globally. The
pre-feasibility study is available for review on the Company's
website (www.oceanicironore.com) and SEDAR (www.sedar.com). Further
information in respect of the Morgan Lake and Roberts Lake
projects, both of which have been explored historically and which
have defined historical resources, is also available on the
Company's website.
Eddy Canova,
P.Geo., OGQ(403), the Director of Exploration for the Company and a
Qualified Person as defined by NI 43-101, has reviewed and is
responsible for the technical information contained in this news
release.
OCEANIC IRON ORE
CORP. (www.oceanicironore.com)
On behalf of the
Board of Directors
Steven Dean
Chairman and Chief
Executive Officer
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, weather, 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; (6) labour and material costs increasing on a basis
consistent with the Company's current expectations; and (7) the
ability to achieve the required financing from equity markets, debt
markets and/or a strategic partner/off-taker to facilitate the
development and eventual construction of the Company's projects.
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 29, 2012 (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.
Oceanic Iron Ore Corp.Steven DeanChairman and Chief Executive
Officer+1 604 566 9080Oceanic Iron Ore Corp.Alan GormanPresident
and Chief Operating Officer+1 514 289
1183www.oceanicironore.com
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