Business
Oceanic Completes Repayment of Convertible Debenture With Sino-Canada
Oceanic Completes Repayment of Convertible Debenture With Sino-Canada Canada NewsW...
About this update from Oceanic Iron Ore Corp.
[{"type":"text","content":"\n\n\n\nOceanic Completes Repayment of Convertible Debenture With Sino-Canada\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. 23, 2017\n\n\n\nTSX Venture Exchange: FEO\n\n\n\nVANCOUVER, Nov. 23, 2017 /CNW/ - Oceanic Iron Ore Corp. (TSX-V: FEO) (\"Oceanic\", or the \"Company\") announces the issuance of 16,734,703 common shares of the Company from treasury in connection with the repayment of a convertible debenture issued by the Company to Sino-Canada Natural Resources Fund I (\"Sino-Canada\") on May 23, 2013 and amended under an Amendment Agreement dated for reference on September 18, 2015 (the \"Debenture\").\n\nAs noted in the Company's press release dated November 17, 2017, the amount repaid of $2,043,307.26 comprises a principal balance owing of $2,025,329 plus accrued and unpaid interest up to the maturity date (being November 23, 2017) of $17,978.26.  As dictated by the terms of the Debenture, the conversion price used to determine the common shares issued to Sino-Canada in lieu of cash is based on the volume weighted average share price during the 20 trading days ending on the day before the Company provided notice of its intent to repay the Debenture in common shares of the Company, being $0.1221.\n\nEarly Warning Disclosure – Frank Giustra\n\nMr. Frank Giustra did not acquire or dispose of any securities of the Company pursuant to the transaction described above, however as a result of dilution caused by the common share issuance, Mr. Giustra's ownership percentage of the issued and outstanding common shares decreased by 3.98% on an undiluted basis and 5.77% on a partially diluted basis.\n\nImmediately following this transaction, the holdings of Mr. Giustra and his related entities did not change.  Mr. Giustra, directly and indirectly holds an aggregate of 7,976,350 common shares, representing 11.93% of the issued and outstanding common shares of the Company (15.91% prior to this transaction); holds an aggregate of 1,250,000 warrants of the Company, representing 25.38% of the issued and outstanding wa...