Oceanic Announces Up to $50 Million Equity Financing
All amounts are in Canadian Dollars unless otherwise noted
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, British Columbia, Jan. 26, 2026 (GLOBE NEWSWIRE) -- Oceanic Iron Ore Corp. (TSXV - FEO) ("Oceanic", or the "Company") is pleased to announce a brokered and non-brokered financing for up to $50 million to advance development activities at the Company's Ungava Bay Projects in Northern Quebec, Canada.
Non-Brokered OfferingThe Company is pleased to announce that it is undertaking a non-brokered private placement (the "Non-Brokered Offering") whereby up to 49,416,800 Units ("Units") will be issued to insiders of the Company and to strategic investors, family offices, and other accredited investors, at a price of $0.75 per Unit (the "Offering Price"), for gross proceeds of up to $37,062,600. Each Unit will consist of one common share of the Company ("Common Share") and one-half of one warrant of the Company (each full warrant, a "Warrant"). Each whole Warrant will be exercisable to purchase one Common Share at an exercise price of $0.95 per Common Share for a period of 36 months from the Closing Date (as defined below).
Bought Deal OfferingThe Company has also entered into an agreement with National Bank Financial Inc., as joint bookrunner and co-lead agent, alongside Haywood Securities Inc., as joint bookrunner and co-lead agent (collectively, the "Underwriters") under which the Underwriters have agreed to purchase for resale on a bought deal basis 15,000,000 Units, at the same Offering Price and terms as the Non-Brokered Offering for gross proceeds of approximately $11,250,000 (the "Bought Deal Offering", and together with the Non-Brokered Offering, the "Offerings").
The Underwriters will have an option, exercisable in whole or in part up to 48 hours prior to the Closing Date (as defined herein), to raise up to an additional 15% of the Bought Deal Offering size in Units at the Offering Price (the "Underwriters' Option") for potential additional gross proceeds of $1,687,500.
In connection with the Bought Deal Offering, the Company will pay the Underwriters a cash fee equal to 6% of the gross proceeds from the sale of such Units, including any Units sold pursuant to the Underwriters' Option.
The Offerings are expected to close on or about February 13, 2026 ("Closing Date") and are subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange ("TSXV") and the applicable securities regulatory authorities.
The net proceeds of the Offerings will be used to fund permitting and development costs for the Company's Hopes Advance, Morgan Lake, and Roberts Lake iron ore projects in Northern Québec, Canada, for advancing strategic investment initiatives, and for general corporate purposes.
The Units will be offered in each province and territory of Canada, as well as the United States and other jurisdictions pursuant to available prospectus and/or registration exemptions and applicable securities laws. All securities issued pursuant to the Offering will be subject to a 4-month and ...
