Deal funds strategic partnering and corporate development initiatives
By Devika Patel
Knoxville, Tenn., Oct. 9 – Oceanic Iron Ore Corp. said it raised C$3.05 million in a non-brokered private placement of units with insiders and existing shareholders. The placement priced for C$3.5 million on Aug. 27 and was decreased to C$3 million on Sept. 26.
The company sold 15,248,750 units of one common share and one warrant at C$0.20 per unit.
Each warrant is exercisable at C$0.30 until April 9, 2017. The strike price is a 30.44% premium to the Aug. 26 closing share price of C$0.23.
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$3,049,750
|
| Units: | 15,248,750
|
| Price: | C$0.20
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | April 9, 2017
|
| Warrant strike price: | C$0.30
|
| Pricing date: | Aug. 27
|
| Revised: | Sept. 26
|
| Settlement date: | Oct. 9
|
| Stock symbol: | TSX Venture: FEO
|
| Stock price: | C$0.23 at close Aug. 26
|
| Market capitalization: | C$34.41 million
|
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