TSX Venture Exchange: FEO
ALL AMOUNTS ARE STATED IN CANADIAN DOLLARS,
UNLESS OTHERWISE NOTED
VANCOUVER, BC, Oct. 1, 2024
/CNW/ - Oceanic Iron Ore Corp. (TSXV: FEO) ("Oceanic", or
the "Company") is pleased to announce that on September 30, 2024, it elected to settle an
aggregate of $92,634 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 September 30, 2024 (the
"Settlement Date") by issuing 597,630 common shares in
the capital of the Company (each, a "Common Share") at a
price equal to $0.155 per Common Share.
OCEANIC IRON ORE CORP. (www.oceanicironore.com)
On behalf of the Board of Directors
"Steven Dean"
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.sedarplus.ca 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.