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Oceanic Provides Notice to Sino-Canada of Repayment of Convertible Debenture in Common Shares
Nov. 17, 2017 08:59AM PST
Base Metals Investing Oceanic Iron Ore (TSX-V: FEO) (“Oceanic”, or the “Company”) announces that pursuant to the terms of a convertible debenture issued by the Company to Sino-Canada Natural Resources Fund I (“Sino-Canada”) on May 23, 2013 and amended under an Amendment Agreement dated for reference on September 18, 2015 (the “Debenture”), Oceanic has provided formal notice to Sino-Canada that the Company …
Oceanic Iron Ore (TSX-V: FEO) (“Oceanic”, or the “Company”) announces that pursuant to the terms of a convertible debenture issued by the Company to Sino-Canada Natural Resources Fund I (“Sino-Canada”) on May 23, 2013 and amended under an Amendment Agreement dated for reference on September 18, 2015 (the “Debenture”), Oceanic has provided formal notice to Sino-Canada that the Company will repay the remaining principal and interest balance of the Debenture, by way of issuance of 16,734,703 common shares of the Company from treasury, in lieu of cash, on November 23, 2017 being the maturity date of the Debenture.
The amount to be repaid of $2,043,307.26 comprises a principal balance owing of $2,025,329 plus accrued and unpaid interest up to the maturity date of $17,978.26.