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OCEANIC ANNOUNCES COMPLETION OF SETTLEMENT OF ADVANCE ROYALTY PAYMENTS, GRANTING OF STOCK OPTIONS
OCEANIC ANNOUNCES COMPLETION OF SETTLEMENT OF ADVANCE ROYALTY PAYMENTS, GRANTING OF STOCK...
About this update from Oceanic Iron Ore Corp.
[{"type":"text","content":"\n \n \n \n OCEANIC ANNOUNCES COMPLETION OF SETTLEMENT OF ADVANCE ROYALTY PAYMENTS, GRANTING OF STOCK OPTIONS\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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n TSX Venture Exchange:  FEO\n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Dec. 10, 2021\n \n /CNW/ - Oceanic Iron Ore Corp. (TSXV: FEO) (\"\n \n Oceanic\n \n \" or the \"\n \n Company\n \n \") announces that it on\n \n November 10, 2021\n \n , the Company closed on a settlement arrangement, originally announced on\n \n November 5, 2021\n \n , in respect of certain advance royalty payments with its Hopes Advance royalty holders (the \"\n \n Settlement\n \n \").\n \n \n The Company reached an agreement with 154619 Canada Inc. (\"\n \n 154619\n \n \") in respect of its 2020 and 2021 advance royalty payments of\n \n $200,000\n \n through the issuance of an aggregate of 1,800,000 common shares at a price of approximately\n \n $0.1111\n \n per common share.  The Company also reached an agreement with SPG Royalties Inc. (\"\n \n SPG\n \n \") in respect of its 2021 advance royalty payment of\n \n $100,000\n \n through the issuance of 900,000 common shares at a price of approximately\n \n $0.1111\n \n per common share.  The Settlement with 154619 and SPG was approved by the TSX Venture Exchange.  The common shares issued in connection with the Settlement are subject to the statutory four-month hold period from\n \n November 10, 2021\n \n .\n \n \n The Company's royalty holders are each entitled to annual advance royalty payments of\n \n $100,000\n \n until the commencement of commercial production on the Company's Hopes Advance Project.  Advanced royalty payments are deductible from actual royalty payments subsequent to the commencement of commercial production.\n \n \n \n Grant of Stock Options\n \n \n The Company also announces that pursuant to the Company's Stock Option Plan, a total of 895,000 incentive stock options (the \"\n \n Options\n \n \") have been granted to directors, officers and consultants of the Company.  The Op...