Deal funds strategic partnering and corporate development initiatives
By Devika Patel
Knoxville, Tenn., Aug. 27 – Oceanic Iron Ore Corp. said it has negotiated a C$3.5 million non-brokered private placement of units with insiders and existing shareholders.
The company will sell 14 million units of one common share and one warrant at C$0.25 per unit.
Each 30-month warrant is exercisable at C$0.30, a 30.44% premium to the Aug. 26 closing share price of C$0.23.
President and chief operating officer Alan Gorman and vice president Stephen Roberts plan to participate.
Proceeds will be used for strategic partnering and corporate development initiatives as well as general working capital and project development.
Oceanic is an iron ore exploration company based in Vancouver, B.C.
| Issuer: | Oceanic Iron Ore Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$3.5 million
|
| Units: | 14 million
|
| Price: | C$0.25
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | 30 months
|
| Warrant strike price: | C$0.30
|
| Investors: | Alan Gorman and Stephen Roberts
|
| Pricing date: | Aug. 27
|
| Stock symbol: | TSX Venture: FEO
|
| Stock price: | C$0.23 at close Aug. 26
|
| Market capitalization: | C$49.15 million
|
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