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OCEANIC ANNOUNCES REPLACEMENT OF PREVIOUSLY ISSUED SERIES B CONVERTIBLE DEBENTURE AND SETTLEMENT OF ADVANCE ROYALTY
OCEANIC ANNOUNCES REPLACEMENT OF PREVIOUSLY ISSUED SERIES B CONVERTIBLE DEBENTURE AND SETTLEMENT ...
About this update from Oceanic Iron Ore Corp.
[{"type":"text","content":"\n \n \n \n OCEANIC ANNOUNCES REPLACEMENT OF PREVIOUSLY ISSUED SERIES B CONVERTIBLE DEBENTURE AND SETTLEMENT OF ADVANCE ROYALTY\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 /NOT FOR DISSEMINATION INTO\n \n THE UNITED STATES OF AMERICA\n \n OR DISTRIBUTION TO U.S. NEWSWIRE SERVICES/\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 Nov. 23, 2023\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 its intention to:\n \n \n \n \n Replace the Series B Debentures at Maturity\n \n \n \n \n The Company intends to enter into agreements with the holder of the Company's previously issued Series B convertible debenture (the \"\n \n Series\n \n \n B\n \n \n Debenture\n \n \") maturing on\n \n November 29, 2023\n \n (the \"\n \n Maturity Date\n \n \") to replace the existing Series B Debenture with a new debenture (the \"\n \n Replacement\n \n \n Debenture\n \n \") on the Maturity Date, subject to the acceptance of the TSX Venture Exchange (the \"\n \n TSXV\n \n \").\n \n \n The Series B Debenture is convertible to units (each a \"\n \n Unit\n \n \") at the election of the holder at a price of\n \n $0.10\n \n per Unit. Upon conversion, each Unit will consist of one (1) common share in the capital of the Company (each, a \"\n \n Common Share\n \n \") and one (1) common share purchase warrant of the Company (each, a \"\n \n Warrant\n \n \"), with each whole Warrant entitling the holder to purchase one Common Share (each, a \"\n \n Warrant Share\n \n \") at a price of\n \n $0.05\n \n per Warrant Share.  The terms of the Replacement Debenture will be the same as the Series B Debenture, other than (i) the Warrant exercise price will be\n \n $0\n \n .07 and (ii) the maturity date will be\n \n November 29, 2028\n \n .\n \n \n Should any portion of the Replacement Debenture be converted...