Business
Oceanic provides notice to Sino-Canada of repayment of convertible debenture in common shares
Oceanic provides notice to Sino-Canada of repayment of convertible debenture in common sha...
About this update from Oceanic Iron Ore Corp.
[{"type":"text","content":"\n\n\n\nOceanic provides notice to Sino-Canada of repayment of convertible debenture in common shares\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. 17, 2017\n\n\n\nTSX Venture Exchange: FEO\n\n\n\nVANCOUVER, Nov. 17, 2017 /CNW/ - Oceanic Iron Ore Corp. (TSX-V: FEO) (\"Oceanic\", or the \"Company\") announces that pursuant to the terms 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\"), Oceanic has provided formal notice to Sino-Canada that the Company will repay the remaining principal and interest balance of the Debenture, by way of issuance of 16,734,703 common shares of the Company from treasury, in lieu of cash, on November 23, 2017 being the maturity date of the Debenture.\n\nThe amount to be 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 of $17,978.26.  As dictated by the terms of the Debenture, the conversion price 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\nThe repayment of accrued and unpaid interest charges remains subject to regulatory approval.\n\nFurther updates will be provided in due course.\n\nOCEANIC IRON ORE CORP. (www.oceanicironore.com)On behalf of the Board of Directors\n\n\"Steven Dean\"Chairman+604 566-9080\n\nThis 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 mineralization and resources, exploration results, and future plans and objectives of Oceanic Iron Ore Corp. (\"Oceanic\", or the \"Company\"), are forward-looking statements that involve various risks and uncertainties. ...