VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 6, 2016) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE
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OCEANIC IRON ORE CORP ("Oceanic" or the "Company") (TSX VENTURE:FEO) is pleased
to announce an increase in subscriptions with respect to the Company's non-brokered private placement financing (the
"Private Placement"), originally announced on August 29, 2016. The Company has increased its maximum
proceeds in aggregate from $850,000 to an amount up to $1,000,000. As previously announced the proceeds from the Private
Placement will be used towards the Company's ongoing strategic partnering and corporate development initiatives as well as
general working capital and project development expenditures.
The Private Placement will now result in the Company issuing up to 5 million units (the "Units")
at a price of $0.20 per Unit. Each Unit will consist of one common share and one share purchase warrant, with each whole
warrant entitling the holder to purchase one common share at a price of $0.30 per share for a period of 24 months after
closing.
The Private Placement is now closed to all existing shareholders of Oceanic who wished to subscribe under the
prospectus exemption as set out in BC Instrument 45-534, or other similar instruments in place in other jurisdictions of
Canada.
The Private Placement remains subject to certain conditions including, but not limited to, receipt of all required
regulatory approvals. The securities issued by the Company in connection with the Private Placement are subject to a 4-month
"hold period" as prescribed by the TSX Venture Exchange and applicable securities laws.
OCEANIC IRON ORE CORP. (www.oceanicironore.com)
On behalf of the Board of Directors
Steven Dean, Executive Chairman and Director
This news release includes certain "Forward-Looking Statements" as that term is used in applicable securities
law. All statements included herein, other than statements of historical fact, including, without limitation, statements
regarding potential mineralization and resources, exploration results, and future plans and objectives of Oceanic Iron Ore Corp.
("Oceanic", or the "Company"), are forward-looking statements that involve various risks and uncertainties. In certain cases,
forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "scheduled",
"believes", or variations of such words and phrases or statements that certain actions, events or results "potentially", "may",
"could", "would", "might" or "will" be taken, occur or be achieved.
There can be no assurance that such statements will prove to be accurate, and actual results could differ materially from those
expressed or implied by such statements. Forward-looking statements are based on certain assumptions that management believes are
reasonable at the time they are made. In making the forward-looking statements in this presentation, the Company has applied
several material assumptions, including, but not limited to, the assumption that: (1) there being no significant disruptions
affecting operations, whether due to labour/supply disruptions, damage to equipment or otherwise; (2) permitting, development,
expansion and power supply proceeding on a basis consistent with the Company's current expectations; (3) certain price
assumptions for iron ore; (4) prices for availability of natural gas, fuel oil, electricity, parts and equipment and other key
supplies remaining consistent with current levels; (5) the accuracy of current mineral resource estimates on the Company's
property; and (6) labour and material costs increasing on a basis consistent with the Company's current expectations. Important
factors that could cause actual results to differ materially from the Company's expectations are disclosed under the heading
"Risks and Uncertainties " in the Company's MD&A filed August 25, 2016 (a copy of which is publicly available on SEDAR at
www.sedar.com under the Company's profile) and elsewhere in documents filed
from time to time, including MD&A, with the TSX Venture Exchange and other regulatory authorities. Such factors include,
among others, risks related to the ability of the Company to obtain necessary financing and adequate insurance; the economy
generally; fluctuations in the currency markets; fluctuations in the spot and forward price of iron ore or certain other
commodities (e.g., diesel fuel and electricity); changes in interest rates; disruption to the credit markets and delays in
obtaining financing; the possibility of cost overruns or unanticipated expenses; employee relations. Accordingly, readers are
advised not to place undue reliance on Forward-Looking Statements. Except as required under applicable securities legislation,
the Company undertakes no obligation to publicly update or revise Forward-Looking Statements, whether as a result of new
information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.