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OCEANIC ANNOUNCES LAUNCH OF NON-BROKERED CONVERTIBLE DEBENTURE FINANCING, REPLACEMENT OF PREVIOUSLY ISSUED SERIES A CONVERTIBLE DEBENTURES AND AMENDMENTS TO PREVIOUSLY ISSUED SERIES B AND C CONVERTIBLE DEBENTURES
OCEANIC ANNOUNCES LAUNCH OF NON-BROKERED CONVERTIBLE DEBENTURE FINANCING, REPLACEMENT OF ...
About this update from Oceanic Iron Ore Corp.
[{"type":"text","content":"\n \n \n \n OCEANIC ANNOUNCES LAUNCH OF NON-BROKERED CONVERTIBLE DEBENTURE FINANCING, REPLACEMENT OF PREVIOUSLY ISSUED SERIES A CONVERTIBLE DEBENTURES AND AMENDMENTS TO PREVIOUSLY ISSUED SERIES B AND C CONVERTIBLE DEBENTURES\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 /NOT FOR DISSEMINATION INTO\n \n THE UNITED STATES OF AMERICA\n \n OR DISTRIBUTION TO U.S. NEWSWIRE SERVICES/\n \n \n \n TSX Venture Exchange:  FEO\n \n \n \n ALL AMOUNTS ARE STATED IN CANADIAN DOLLARS, UNLESS OTHERWISE NOTED\n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Sept. 8, 2022\n \n \n /CNW/ - Oceanic Iron Ore Corp. (TSXV: FEO) (\"\n \n Oceanic\n \n \", or the \"\n \n Company\n \n \") is pleased to announce a non-brokered financing in an aggregate amount of up to\n \n $1,220,000\n \n (the \"\n \n Financing\n \n \").\n \n \n The subscribers to the Financing will be issued 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 in cash or Common Shares, at the election of the Company, at the market price of the Common Shares at the time of settlement.\n \n \n The principal amount of the Debentures will be convertible to units (each a \"\n \n Unit\n \n \") during the Term at the election of the subscriber. The conversion price during the first year of the term is\n \n $0.07\n \n per Unit, increasing to\n \n $0.10\n \n per Unit for the remainder of the term.  Each Unit will consist of 1 common share of the Company and 1 common share purchase warrant of the Company, with each whole warrant entitling the holder to purchase one common share of the Company (\"\n \n Common Shares\n \n \") at a price of\n \n $0.07\n \n per common share for a period of 5 years after closing of the Financing.\n \n \n The Debentures will be secured with a first ranking charge at any time against the assets of the Company, ranking pari-passu with the current secured debenture holders...