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Oceanic Announces Launch of Re-Scoping Study and Non-Brokered Convertible Debenture Financing
Oceanic Announces Launch of Re-Scoping Study and Non-Brokered Convertible Debenture Financ...
About this update from Oceanic Iron Ore Corp.
[{"type":"text","content":"\n\n\n\nOceanic Announces Launch of Re-Scoping Study and Non-Brokered Convertible Debenture Financing\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Nov. 1, 2018\n\n\n\nTSX Venture Exchange:  FEO\n/NOT FOR DISSEMINATION INTO THE UNITED STATES OF AMERICA OR DISTRIBUTION TO U.S. NEWSWIRE SERVICES/\n VANCOUVER, Nov. 1, 2018 /CNW/ - Oceanic Iron Ore Corp. (TSX-V: FEO) (\"Oceanic\", or the \"Company\") is pleased to announce the commencement of a revised and re-scoped National Instrument 43-101 Preliminary Economic Assessment in respect of the Company's Hopes Advance Project (\"Study\").\nThe objective of the Study will be to revise the profile and production schedule of Hopes Advance in order to reduce the up-front capital required to bring the project to commercial production.  Furthermore, the proposed revised production profile will assume seasonal shipping, and thus also mitigate the risk and cost of winter shipping from Ungava Bay, all while aiming to achieve similar returns on investment at current iron ore prices compared to the previous Pre-Feasibility Study from 2012.\nThe Study is planned to be led by the Montreal office of BBA Engineering Ltd. (\"BBA\"), a Canadian consulting engineering firm with over 700 employees, who have extensive experience with iron ore projects, particularly in the Labrador Trough.  Working alongside BBA will be Wood (formerly, AMEC Foster Wheeler), who worked with the Company on Port related infrastructure in the Company's previous studies.\nThe Company expects to announce the results of the Study in first half of 2019.\nPrivate Placement Financing\nThe Company is also pleased to announce a non-brokered financing in an aggregate amount of up to CAD $1,800,000 (the \"Financing\"). \nThe subscribers to the Financing will be issued convertible debentures (the \"Debentures\") which will earn interest at a rate of 8.5% per annum over a 60 month term (the \"Term\"), payable quarterly. \nThe principal amount of the Debentures will be convertible to Units (\"Unit\") du...