OCEANIC ANNOUNCES SETTLEMENT OF DEBENTURE INTEREST FOR COMMON SHARES

Executive Summary

• Oceanic Iron Ore Corp. settled $128,145 of accrued interest on multiple convertible debentures by issuing 142,383 common shares at $0.90 per share (the closing price on September 30, 2025).
• The settlement eliminates the outstanding interest liability and converts it into equity, strengthening the balance sheet without cash outlay.
• No additional cash proceeds were received; the transaction reflects a conversion of debt to equity at market price.

Key Details

• Interest Amount Settled: $128,145 (CAD) accrued across Replacement Series A & B Convertible Debentures and Series C‑E Convertible Debentures.
• Shares Issued: 142,383 common shares issued to satisfy the interest settlement.
• Issue Price: $0.90 per share, equal to Oceanic’s closing market price on September 30, 2025.
• Resulting Equity Impact: Increase of 142,383 shares outstanding; reduction of accrued interest liability by $128,145.
• No Cash Flow: Settlement executed via share issuance; no cash outflow from the company.
• Board Approval: Issuance authorized and announced on behalf of the Board of Directors by Chairman Steven Dean.

Notable Quotes

• “We are pleased to settle accrued interest on our convertible debentures through a straightforward equity conversion, further aligning our capital structure with shareholder interests.” – Steven Dean, Chairman, Oceanic Iron Ore Corp.