OCEANIC ANNOUNCES SETTLEMENT OF DEBENTURE INTEREST FOR COMMON SHARES

Executive Summary

• Oceanic Iron Ore Corp. settled $84,515 of accrued interest on its various convertible debentures by issuing 130,023 common shares at $0.65 per share (the closing price on Dec 31 2025).
• The settlement involved Replacement Series A & B Convertible Debentures, Series C Convertible Debentures, and Series D Convertible Debentures.
• No cash outlay was required; the interest obligation was satisfied through equity issuance.

Key Details

• Interest Amount Settled: $84,515 (CAD).
• Shares Issued: 130,023 common shares.
• Issue Price: $0.65 per share – equal to the closing market price on Dec 31 2025.
• Conversion Mechanism: Accrued interest was converted into equity rather than paid in cash.
• Debenture Series Affected: Replacement Series A Convertible Debentures, Replacement Series B Convertible Debentures, Series C Convertible Debentures, Series D Convertible Debentures.
• Effect on Capital Structure: Increases common share count; reduces outstanding interest liability on the referenced debentures.

Notable Quotes

• “Steven Dean,” Chairman – “On behalf of the Board of Directors.” (No additional commentary provided.)