Oceanic Iron Ore Corp. (TSX-V: FEO) announces that it has entered into an agreement with the holder of the Company’s previously issued Series B convertible debenture to replace the existing Series B Debenture with a new debenture maturing on November 29, 2028.

The Series B Debenture was convertible to units at the election of the holder at a price of $0.10 per Unit. Upon conversion, each Unit consists of one common share in the capital of the Company and one common share purchase warrant of the Company, with each whole Warrant entitling the holder to purchase one Common Share at a price of $0.05 per Warrant Share.

As previously announced on November 23, 2023, the Replacement Debenture maintains substantially the same terms as the Series B Debenture, other than (i) the Warrant exercise price is $0.07 and (ii) the maturity date is November 29, 2028.

Should any portion of the Replacement Debenture be converted into Units prior to March 29, 2024, the Common Shares issued in relation thereto will be subject to a statutory hold until March 29, 2024.