Oceanic Announces Settlement of Advance Royalty Payments
Head Office Address:
3083-595 Burrard Street, PO Box 49298,
Vancouver, BC, V4K 1P4
November 24, 2022 TSX Venture Exchange: FEO
PRESS RELEASE
OCEANIC ANNOUNCES SETTLEMENT OF ADVANCE ROYALTY PAYMENTS
Vancouver, BC - Oceanic Iron Ore Corp. (TSX-V: 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
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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.