Deal funds strategic partnering and corporate development initiatives
By Devika Patel
Knoxville, Tenn., Sept. 13 – Oceanic Iron Ore Corp. said it completed a C$985,000 non-brokered private placement of units. The deal priced on Aug. 29 and was increased to C$1 million from C$850,000 on Sept. 7.
The company sold 4,925,000 units of one common share and one warrant at C$0.20 per unit.
Each two-year warrant is exercisable at C$0.30, a 25% premium to the Aug. 26 closing share price of C$0.24. The warrants expire on Sept. 13, 2018.
Proceeds will be used for the company's ongoing strategic partnering and corporate development initiatives as well as general working capital and project development expenditures.
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$985,000
|
| Units: | 4,925,000
|
| Price: | C$0.20
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Sept. 13, 2018
|
| Warrant strike price: | C$0.30
|
| Agent: | Non-brokered
|
| Pricing date: | Aug. 29
|
| Upsized: | Sept. 7
|
| Settlement date: | Sept. 13
|
| Stock symbol: | TSX Venture: FEO
|
| Stock price: | C$0.24 at close Aug. 26
|
| Market capitalization: | C$8.88 million
|
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