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Oceanic Announces Conversion of Convertible Debentures and Settlement of Advance Royalty Payables
Oceanic Announces Conversion of Convertible Debentures and Settlement of Advance Royalty P...
About this update from Oceanic Iron Ore Corp.
[{"type":"text","content":"\n\n\n\nOceanic Announces Conversion of Convertible Debentures and Settlement of Advance Royalty Payables\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\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Nov. 27, 2019\n\n\n\nTSX Venture Exchange:  FEO\n VANCOUVER, Nov. 27, 2019 /CNW/ - Oceanic Iron Ore Corp. (TSX-V: FEO) (\"Oceanic\", or the \"Company\") announces the issuance of 18,500,000 units (\"Units\") of the Company from treasury in connection with the conversion by certain holders of the Company's Series B convertible debentures issued by the Company on November 29, 2018 (the \"Debentures\").\nA total principal amount of $925,000 has been converted at a conversion price of $0.05 per Unit, with Each Unit comprising one common share of the Company and one 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 $0.05 per common share, expiring November 29, 2023.\nConsidering all conversions of the Debentures to date, the remaining principal balance of the Debentures is $837,500.\nSettlement of Advance Royalty Payments\nOceanic is also pleased to announce that it has reached agreements with its Hopes Advance royalty holders in respect of the settlement of its upcoming advance royalty payments.\nThe Company reached agreement with SPG Royalties Inc. (\"SPG\") in respect of its 2019 advance royalty payment of $100,000 through the issuance of 2,000,000 common shares at a price of $0.05 per share.  The Company also reached agreement with 154619 Canada Inc. (\"154619\") in respect of its 2017 advance royalty payment of $100,000 through the issuance of 2,000,000 common shares at a price of $0.05 per share, and settlement of the 2018 and 2019 advance royalty payments have been deferred to a date being on or before November 30, 2020, whereby the Company has the election to settle such payments either by cash payment or by way of issuance of common shares of the Corporation at a deemed price per share equal to the volume weighted average trading price of the Corporation's common shares on the TSX ...