TSX Venture Exchange: FEO
VANCOUVER, Jan. 12, 2018 /CNW/ - Oceanic Iron Ore Corp.
("Oceanic", or the "Company") is pleased to announce that it has reached agreement with SPG Royalties Inc.
("SPG") in respect of the settlement of its 2017 advance royalty payment of $100,000 (the
"Agreement").
The Company and SPG have agreed to settle the 2017 advance royalty payment through the issuance of 1,000,000 common shares at
a price of $0.10 per share, subject to approval by the TSX Venture Exchange. The common
shares issued will be subject to the statutory four month hold period.
SPG is entitled to a $100,000 annual advance royalty payment until the commencement of
commercial production on the Company's Hopes Advance Project. Advanced royalty payments for both SPG are deductible from
actual royalty payments subsequent to the commencement of commercial production.
With the settlement of the 2017 advanced royalty payment, Oceanic remains current in respect of its contractual obligations
with SPG.
OCEANIC IRON ORE CORP. (www.oceanicironore.com)
On behalf of the Board of Directors
" Steven Dean "
Executive Chairman
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 November 22, 2017 (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.
SOURCE Oceanic Iron Ore Corp.
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