TSX Venture Exchange: FEO
/NOT FOR DISSEMINATION INTO THE UNITED STATES OF AMERICA OR DISTRIBUTION
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ALL AMOUNTS ARE STATED IN CANADIAN DOLLARS,
UNLESS OTHERWISE NOTED
VANCOUVER, BC, Dec. 12,
2023 /CNW/ - Oceanic Iron Ore Corp. – December 12, 2023 (TSXV: FEO) ("Oceanic",
or the "Company") announces the Company has closed on the
settlement of the Advanced Royalty Payments previously announced on
November 23, 2023. The Company has
issued 1,153,846 common shares at a price of $0.065 per common share to SPG Royalties Inc.
("SPG"), while also providing SPG with a cash payment of
$25,000. Contemporaneously, the
Company issued a cash payment of $50,000 to 154619 Canada Inc., who have agreed to
defer an additional $50,000 balance
remaining until November 30,
2024.
The common shares issued to SPG are subject to a statutory
four-month hold period.
OCEANIC IRON ORE CORP. (www.oceanicironore.com)
On behalf of the Board of Directors
"Steven Dean"
Chairman
+604 566-9080
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 the
statutory hold period and the deferred payment to 154619 Canada
Inc, 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", "intends",
"expects" or "does not expect", "scheduled", "believes", or
variations of such words and phrases or statements that certain
actions, events or results "potentially", "may", "could", "would",
"might" or "will" be taken, occur or be achieved. There can be no
assurance that such statements will prove to be accurate, and
actual results could differ materially from those expressed or
implied by such statements. Forward-looking statements are
based on certain assumptions that management believes are
reasonable at the time they are made. In making the
forward-looking statements in this presentation, the Company has
applied several material assumptions, including, but not limited
to, the assumption that: (1) there being no significant disruptions
affecting operations, whether due to labour/supply disruptions,
damage to equipment or otherwise; (2) permitting, development,
expansion and power supply proceeding on a basis consistent with
the Company's current expectations; (3) certain price assumptions
for iron ore; (4) prices for availability of natural gas, fuel oil,
electricity, parts and equipment and other key supplies remaining
consistent with current levels; (5) the accuracy of current mineral
resource estimates on the Company's property; and (6) labour and
material costs increasing on a basis consistent with the Company's
current expectations. Important factors that could cause actual
results to differ materially from the Company's expectations are
disclosed under the heading "Risks and Uncertainties " in the
Company's interim management discussion and analysis filed
November 23, 2023 (a copy of which is
publicly available on SEDAR+ at www.sedarplus.ca under
the Company's profile) and elsewhere in documents filed from time
to time, including MD&A, with the TSXV and other regulatory
authorities. Such factors include, among others, risks related to
the ability of the Company to obtain adequate insurance; the
economy generally; fluctuations in the currency markets;
fluctuations in the spot and forward price of iron ore or certain
other commodities (e.g., diesel fuel and electricity); changes in
interest rates; disruption to the credit markets and delays in
obtaining financing; the possibility of cost overruns or
unanticipated expenses; employee relations. Accordingly, readers
are advised not to place undue reliance on Forward-Looking
Statements. Except as required under applicable securities
legislation, the Company undertakes no obligation to publicly
update or revise Forward-Looking Statements, whether as a result of
new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Oceanic Iron Ore Corp.
