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Oceanic Announces Completion of Non-Brokered Convertible Debenture Financing
Oceanic Announces Completion of Non-Brokered Convertible Debenture Financing Ca...
About this update from Oceanic Iron Ore Corp.
[{"type":"text","content":"\n \n \n \n Oceanic Announces Completion of Non-Brokered Convertible Debenture Financing\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntar{\nTEXT-ALIGN: RIGHT\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n TSX Venture Exchange:  FEO\n \n \n \n \n ALL AMOUNTS ARE STATED IN CANADIAN DOLLARS, UNLESS OTHERWISE NOTED\n \n \n \n \n VANCOUVER, BC\n \n ,\n \n March 10, 2021\n \n /CNW/ - Oceanic Iron Ore Corp. (TSX-V: FEO) (\"\n \n Oceanic\n \n \" or the \"\n \n Company\n \n \") is pleased to announce the completion of a non-brokered financing in an aggregate amount of\n \n $1,557,548\n \n (the \"\n \n Financing\n \n \").\n \n \n The subscribers to the Financing were issued Series C convertible debentures (the \"\n \n Debentures\n \n \") which will earn interest at a rate of 8.5% per annum over a 60-month term (the \"\n \n Term\n \n \"), payable quarterly.\n \n \n The principal amount of the Debentures will be convertible to Units (\"\n \n Unit\n \n \") during the Term at the election of the subscriber at a price of\n \n $0\n \n .19 per Unit.  Each Unit will consist of 1 common share of the Company and 1 share purchase warrant of the Company, with each whole warrant entitling the holder to purchase one common share of the Company at a price of\n \n $0\n \n .19 per common share until\n \n March 10, 2026\n \n .\n \n \n The Debentures will be secured with a first ranking charge against the assets of the Company, ranking pari-passu with all other secured debenture holders.\n \n \n The Debentures and any Units acquired on conversion thereof are subject to a hold period expiring on\n \n July 10\n \n , 2021.  No finder's fees were paid in connection with the Financing.\n \n \n The Company intends to use the proceeds of the Financing for ongoing negotiations with potential strategic partners, general claims maintenance, and corporate and working capital purposes.\n \n \n Insiders of the Company were issued Debentures with a principal amount in aggregate of\n \n $1,355,358\n \n , and, accordingly, the private placement is a...