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Oceanic Announces Settlement of Advance Royalty Payments
Oceanic Announces Settlement of Advance Royalty Payments Canada NewsWire ...
About this update from Oceanic Iron Ore Corp.
[{"type":"text","content":"\n \n \n \n Oceanic Announces Settlement of Advance Royalty Payments\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 \n TSX Venture Exchange:  FEO\n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Nov. 5, 2021\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 that it has reached agreements with its Hopes Advance royalty holders in respect of the settlement of its upcoming advance royalty payments.\n \n \n The Company reached an agreement with 154619 Canada Inc. (\"\n \n 154619\n \n \") in respect of the settlement 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.\n \n \n The Company also reached an agreement with SPG Royalties Inc. (\"\n \n SPG\n \n \") in respect of the settlement 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.\n \n \n The settlement with 154619 and SPG is subject to approval by the TSX Venture Exchange.  The common shares issued will be subject to the statutory four-month hold period.\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 OCEANIC IRON ORE CORP. (\n \n www.oceanicironore.com\n \n )\n \n \n On behalf of the Board of Directors\n \n \n \"Steven Dean\"\n \n Chairman\n \n +604 566-9080\n \n \n \n This news release includes certain \"Forward-Looking Statements\" as that term is used in applicable securities law. All statements included herein, other than statements of historical fact, including, without limitation, statements regarding potential mineraliza...