TSX Venture Exchange: FEO
ALL AMOUNTS ARE STATED IN CANADIAN DOLLARS,
UNLESS OTHERWISE NOTED
VANCOUVER, BC, Jan. 2, 2024
/CNW/ - Oceanic Iron Ore Corp. – January 2,
2024 (TSXV: FEO) ("Oceanic", or the "Company")
is pleased to announce that it has elected to settle an aggregate
of $92,652 in accrued interest due
under the Company's previously issued Replacement Series A
Convertible Debentures, Replacement Series B Convertible Debenture,
Series C Convertible Debentures and Series D Convertible Debentures
on December 31, 2023 (the
"Settlement Date") by issuing 1,544,185 common shares in the
capital of the Company (each, a "Common Share") at a price
equal to $0.06 per Common Share.
OCEANIC IRON ORE CORP. (www.oceanicironore.com)
On behalf of the Board of Directors
"Steven Dean"
Executive Chairman
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
Interest Settlement and the price of the Common Shares to be issued
on the Settlement Date and future plans and objectives of 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", "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) the Company will be able to complete the Interest Settlement;
(2) there being no significant disruptions affecting operations,
whether due to labour/supply disruptions, damage to equipment or
otherwise; (3) permitting, development, expansion and power supply
proceeding on a basis consistent with the Company's current
expectations; (4) certain price assumptions for iron ore; (5)
prices for availability of natural gas, fuel oil, electricity,
parts and equipment and other key supplies remaining consistent
with current levels; (6) the accuracy of current mineral resource
estimates on the Company's property; and (7) 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 most
recently filed MD&A (a copy of which is publicly available on
SEDAR at www.sedar.com under the Company's
profile) and elsewhere in documents filed from time to time,
including MD&A, with the TSX Venture Exchange and other
regulatory authorities. Such factors include, among others, 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.
