VANCOUVER, BC, Nov. 24,
2022 /CNW/ - Oceanic Iron Ore Corp. (TSXV: FEO)
("Oceanic", or the "Company") is pleased to announce
that it has reached agreements with its Hopes Advance royalty
holders in respect of settlement of its upcoming advance royalty
payments.
The Company reached an agreement with 154619 Canada Inc.
("154619") in respect of the settlement of its 2022 advance
royalty payment of $100,000 through a
cash payment of $25,000 and the
issuance of an aggregate of 833,333 common shares at a price of
$0.09 per common share.
The Company also reached an agreement with SPG Royalties Inc.
("SPG") in respect of the settlement of its 2022 advance
royalty payment of $100,000 through
the issuance of 1,250,000 common shares at a price of $0.08 per common share.
The settlement with 154619 and SPG 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 most recently filed MD&A (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.
