TSX Venture Exchange: FEO
VANCOUVER, BC, Dec. 2, 2020 /CNW/ - Oceanic Iron Ore Corp.
(TSXV: FEO) ("Oceanic", or the "Company") is pleased
to announce that it has reached agreement with one of its Hopes
Advance royalty holders in respect of the settlement of its
upcoming advance royalty payments.
The Company reached agreement with 154619 Canada Inc.
("154619") in respect of its 2018 and 2019 advance royalty
payments of $200,000 through the
issuance of 1,131,221 common shares at a price of $0.1768 per share, and settlement of the 2020
advance royalty payment has been deferred to a date being on or
before November 30, 2021, whereby the
Company has the election to settle such payments either by cash
payment or by way of issuance of common shares of the Corporation
at a deemed price per share equal to the volume weighted average
trading price of the Corporation's common shares on the TSX Venture
Exchange for the 20 trading days ending on November 26, 2021.
The settlement with 154619 is subject to approval by the TSX
Venture Exchange. The common shares issued will be subject to
the statutory four-month hold period.
The Company's royalty holders are each entitled to annual
advance royalty payments of $100,000
until the commencement of commercial production on the Company's
Hopes Advance Project. Advanced royalty payments are deductible
from actual royalty payments subsequent to the commencement of
commercial production.
OCEANIC IRON ORE CORP. (www.oceanicironore.com)
On behalf of the Board of Directors
"Steven Dean"
Chairman
+604 566-9080
This news release includes certain "Forward-Looking
Statements" as that term is used in applicable securities law. All
statements included herein, other than statements of historical
fact, including, without limitation, statements regarding potential
mineralization and resources, exploration results, and future plans
and objectives of Oceanic Iron Ore Corp. ("Oceanic", or the
"Company"), are forward-looking statements that involve various
risks and uncertainties. In certain cases, forward-looking
statements can be identified by the use of words such as "plans",
"expects" or "does not expect", "scheduled", "believes", or
variations of such words and phrases or statements that certain
actions, events or results "potentially", "may", "could", "would",
"might" or "will" be taken, occur or be achieved. There can be no
assurance that such statements will prove to be accurate, and
actual results could differ materially from those expressed or
implied by such statements. Forward-looking statements are based on
certain assumptions that management believes are reasonable at the
time they are made. In making the forward-looking statements
in this presentation, the Company has applied several material
assumptions, including, but not limited to, the assumption that:
(1) there being no significant disruptions affecting operations,
whether due to labour/supply disruptions, damage to equipment or
otherwise; (2) permitting, development, expansion and power supply
proceeding on a basis consistent with the Company's current
expectations; (3) certain price assumptions for iron ore; (4)
prices for availability of natural gas, fuel oil, electricity,
parts and equipment and other key supplies remaining consistent
with current levels; (5) the accuracy of current mineral resource
estimates on the Company's property; and (6) labour and material
costs increasing on a basis consistent with the Company's current
expectations. Important factors that could cause actual results to
differ materially from the Company's expectations are disclosed
under the heading "Risks and Uncertainties " in the Company's
MD&A filed November 21, 2019 (a
copy of which is publicly available on SEDAR at www.sedar.com under
the Company's profile) and elsewhere in documents filed from time
to time, including MD&A, with the TSX Venture Exchange and
other regulatory authorities. Such factors include, among
others, risks related to the ability of the Company to
obtain necessary financing and adequate insurance; the economy
generally; fluctuations in the currency markets; fluctuations in
the spot and forward price of iron ore or certain other commodities
(e.g., diesel fuel and electricity); changes in interest rates;
disruption to the credit markets and delays in obtaining financing;
the possibility of cost overruns or unanticipated expenses;
employee relations. Accordingly, readers are advised not to place
undue reliance on Forward-Looking Statements. Except as
required under applicable securities legislation, the Company
undertakes no obligation to publicly update or revise
Forward-Looking Statements, whether as a result of new information,
future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Oceanic Iron Ore Corp.
