Oceanic Announces Launch of Re-Scoping Study and Non-Brokered Convertible Debenture Financing

Oceanic Announces Launch of Re-Scoping

Study and Non-Brokered Convertible

Debenture Financing

TSX Venture Exchange: FEO

/NOT FOR DISSEMINATION INTO

THE UNITED STATES OF AMERICA

OR DISTRIBUTION TO

U.S. NEWSWIRE SERVICES/

VANCOUVER

,

Nov. 1, 2018

/CNW/ - Oceanic Iron Ore Corp. (

TSX-V: FEO

) ("

Oceanic

", or the

"

Company

") is pleased to announce the commencement of a revised and re-scoped National

Instrument 43-101 Preliminary Economic Assessment in respect of the Company's Hopes Advance

Project ("

Study

").

The objective of the Study will be to revise the profile and production schedule of Hopes Advance in

order to reduce the up-front capital required to bring the project to commercial production.

Furthermore, the proposed revised production profile will assume seasonal shipping, and thus also

mitigate the risk and cost of winter shipping from Ungava Bay, all while aiming to achieve similar

returns on investment at current iron ore prices compared to the previous Pre-Feasibility Study from

2012.

The Study is planned to be led by the

Montreal

office of BBA Engineering Ltd. ("

BBA

"), a Canadian

consulting engineering firm with over 700 employees, who have extensive experience with iron ore

projects, particularly in the Labrador Trough. Working alongside BBA will be Wood (formerly, AMEC

Foster Wheeler), who worked with the Company on Port related infrastructure in the Company's

previous studies.

The Company expects to announce the results of the Study in first half of 2019.

Private Placement Financing

The Company is also pleased to announce a non-brokered financing in an aggregate amount of up to

CAD

$1,800,000

(the "

Financing

").

The subscribers to the Financing will be issued convertible debentures (the "

Debentures

") which will

earn interest at a rate of 8.5% per annum over a 60 month term (the "

Term

"), payable quarterly.

The principal amount of the Debentures will be convertible to Units ("

Unit

") during the Term at the

election of the subscriber. The conversion price during the first year of the term is

$0.05

per Unit,

increasing to

$0.10

per Unit for the remainder of the Term. Each Unit will consist of 1 common

share in the capital of the Company and 1 share purchase warrant of the Company, with each whole

warrant entitling the holder to purchase one common share in the capital of the Company at a price

of

$0.05

per common share for a period of 5 years after closing.

The Debentures will be secured with a first ranking charge at any time against the assets of the

Company, ranking parri-passu with the current secured debenture holders.

The Company intends to use the proceeds of the Financing to fund the aforementioned Study,

ongoing negotiations with potential strategic partners, general claims maintenance, and corporate

and working capital purposes.

The Financing is subject to acceptance for filing by the TSX Venture Exchange.

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

August 22, 2018

(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.

View original content:

http://www.newswire.ca/en/releases/archive/November2018/01/c1347.html

%SEDAR: 00005904E

For further information:

Chris Batalha, 604 566-9080

CO: Oceanic Iron Ore Corp.

CNW 08:00e 01-NOV-18