TSX Venture Exchange: FEO
ALL AMOUNTS ARE STATED IN CANADIAN DOLLARS,
UNLESS OTHERWISE NOTED
VANCOUVER, BC, April 2,
2024 /CNW/ - Oceanic Iron Ore Corp. (TSXV: FEO)
("Oceanic", or the "Company") is pleased to announce
that it has elected to settle an aggregate of $92,651 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
March 31, 2024 (the "Settlement
Date") by issuing 1,425,400 common shares in the capital of the
Company (each, a "Common Share") at a price equal to
$0.065 per Common Share (based
on the closing price on April 1,
2024).
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.