Financings
OCEANIC ANNOUNCES CLOSING OF $50 MILLION EQUITY FINANCING
FEO · Price
Executive Summary
- Oceanic Iron Ore Corp. closed a $50 million private placement of 66,666,800 units at $0.75 per unit, generating gross proceeds of $50,000,100.
- The offering included a bought‑deal portion (17,250,000 units) and a non‑brokered portion (49,416,800 units); net proceeds will fund permitting and development of the Hopes Advance, Morgan Lake, and Roberts Lake projects and general corporate purposes.
- All existing convertible debentors converted their securities, resulting in the issuance of 32,892,521 common shares and an equal number of share‑purchase warrants; major insiders (Steven Dean, Frank Giustra, Ryan Beedie) increased their holdings substantially.
Key Details
- Units sold: 66,666,800 units @ $0.75 each → Gross proceeds: $50,000,100
- Unit composition: 1 common share + ½ warrant (full warrant exercisable at $0.95, expires 12‑Feb‑2029)
- Bought‑deal portion: 17,250,000 units → $12,937,500 gross; underwriters’ option fully exercised
- Non‑brokered portion: 49,416,800 units → $37,062,600 gross
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Underwriter cash fee: $776,250 (6% of bought‑deal gross)
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Use of proceeds:
- Permitting & development costs for Hopes Advance, Morgan Lake, Roberts Lake projects (Northern Québec)
- Advancing strategic investment initiatives
-
General corporate purposes
-
Convertible debenture conversions:
- Total conversion issued: 32,892,521 common shares + 32,892,521 warrants
-
Additional warrant exercises: 1,407,000 warrants → $267,330 cash
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Post‑offering share count: 254,552,802 issued & outstanding common shares
Insider Transactions (Early Warning Disclosures)
| Insider | Units Acquired (Units) | Cash Paid | Shares/Warrants Received (post‑conversion) | % of Outstanding Shares |
|---|---|---|---|---|
| Steven Dean (Sirocco) | 334,000 units | $250,500 | 15,191,834 common shares (5.97%) + 3,625,000 stock options + 8,370,889 warrants | Potentially 10.20% on a partially diluted basis |
| Frank Giustra (Sestini) | 4,000,000 units | $3,000,000 | 41,602,201 common shares (16.34%) + 12,050,000 warrants | Potentially 20.12% on a partially diluted basis |
| Ryan Beedie (Beedie Capital) | 4,000,000 units | $3,000,000 | 42,374,523 common shares (16.65%) + 29,804,360 warrants | Potentially 25.38% on a partially diluted basis |
All insiders indicated the purchases and conversions were for investment purposes and may buy or sell securities in the future.
Additional Notes
- Units are subject to a 4‑month + 1‑day hold period under Canadian securities law.
- The securities were not registered in the U.S.; they cannot be offered or sold to U.S. persons absent an exemption.
- Early warning reports are available on SEDAR+.
Notable Quotes
“The successful closing of this financing provides us with the capital needed to advance our flagship Hopes Advance project and other key developments, positioning Oceanic for continued growth.” – Chris Batalha, CEO & Director
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