Deal with Sino-Canada Natural Resources Fund funds negotiations
By Devika Patel
Knoxville, Tenn., May 21 - Oceanic Iron Ore Corp. said it plans a C$3 million non-brokered private placement of convertible debentures with investor Sino-Canada Natural Resources Fund.
The 30-month debentures accrue interest at 6% and convert to common stock at a conversion price of C$0.16, which is a 60% premium to the May 20 closing share price of C$0.10.
Proceeds will be used for negotiations with potential strategic partners, studies in connection with the feasibility study and environmental assessment for the Hopes Advance project, general claims maintenance and corporate and working capital purposes.
Oceanic is an iron ore exploration company based in Vancouver, B.C.
| Issuer: | Oceanic Iron Ore Corp.
|
| Issue: | Convertible debentures
|
| Amount: | C$3 million
|
| Maturity: | 30 months
|
| Coupon: | 6%
|
| Conversion price: | C$0.16
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investor: | Sino-Canada Natural Resources Fund
|
| Pricing date: | May 21
|
| Stock symbol: | TSX Venture: FEO
|
| Stock price: | C$0.10 at close May 20
|
| Market capitalization: | C$20.64 million
|
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