Oceanic Iron Ore (TSE:FEO) has released an update.
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Oceanic Iron Ore Corp. has successfully completed a non-brokered convertible debenture financing, raising $2,385,000 to fund its corporate activities and ongoing negotiations with potential strategic partners. The financing terms include an 8.5% annual interest over five years, with the option for the company to repay in cash or shares. Subscribers have the option to convert the debentures into units consisting of common shares and warrants under specific terms over the duration of the financing.
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