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Oceanic Settles 2017 Advance Royalty Payment with SPG Royalties Inc.
Oceanic Settles 2017 Advance Royalty Payment with SPG Royalties Inc. Canada NewsWi...
About this update from Oceanic Iron Ore Corp.
[{"type":"text","content":"\n\n\n\nOceanic Settles 2017 Advance Royalty Payment with SPG Royalties Inc.\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, Jan. 12, 2018\n\n\n\n\nTSX Venture Exchange: FEO\n\n\n\nVANCOUVER, Jan. 12, 2018 /CNW/ - Oceanic Iron Ore Corp. (\"Oceanic\", or the \"Company\") is pleased to announce that it has reached agreement with SPG Royalties Inc. (\"SPG\") in respect of the settlement of its 2017 advance royalty payment of $100,000 (the \"Agreement\").\n\nThe Company and SPG have agreed to settle the 2017 advance royalty payment through the issuance of 1,000,000 common shares at a price of $0.10 per share, subject to approval by the TSX Venture Exchange.  The common shares issued will be subject to the statutory four month hold period.\n\nSPG is entitled to a $100,000 annual advance royalty payment until the commencement of commercial production on the Company's Hopes Advance Project.  Advanced royalty payments for both SPG are deductible from actual royalty payments subsequent to the commencement of commercial production.\n\nWith the settlement of the 2017 advanced royalty payment, Oceanic remains current in respect of its contractual obligations with SPG.\n\nOCEANIC IRON ORE CORP. (www.oceanicironore.com)\n\nOn behalf of the Board of Directors\"Steven Dean\"Executive Chairman\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.  In certain cases, forward-looking statements can be identified by the use of words such as \"plans\", \"expects\" or \"does not expect\", \"scheduled\", \"believes\", or variations of such words and phrases or statements that certain actions, events or results \"potentially\"...