Deal offers 21,875,000 common shares at C$0.16 per share via Canaccord
By Devika Patel
Knoxville, Tenn., Sept. 28 - Oceanic Iron Ore Corp. said it will conduct a C$3.5 million private placement of stock.
The company will sell 21,875,000 common shares at C$0.16 per share. The price per share reflects a 5.88% discount to the Sept. 27 closing share price of C$0.17.
The offering is being conducted by Canaccord Genuity Corp.
Proceeds will be used for exploration and development of the company's Ungava Bay iron deposits and for general working capital purposes.
Oceanic is an iron ore exploration company based in Vancouver, B.C.
| Issuer: | Oceanic Iron Ore Corp.
|
| Issue: | Common shares
|
| Amount: | C$3.5 million
|
| Shares: | 21,875,000
|
| Price: | C$0.16
|
| Warrants: | No
|
| Agents: | Canaccord Genuity Corp.
|
| Pricing date: | Sept. 28
|
| Stock symbol: | TSX Venture: FEO
|
| Stock price: | C$0.17 at close Sept. 27
|
| Market capitalization: | C$29.71 million
|
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