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An update from Oceanic Iron Ore ( (TSE:FEO) ) is now available.
Oceanic Iron Ore Corp. has launched a combined brokered and non-brokered equity financing of up to $50 million, issuing units at $0.75 each, to fund permitting and development work at its Ungava Bay iron ore projects in Northern Québec, advance strategic investment initiatives and support general corporate purposes. The financing structure includes a significant non-brokered private placement to insiders and strategic investors, a bought-deal component led by National Bank Financial and Haywood Securities with an over-allotment option, and the concurrent conversion of the vast majority of the company’s outstanding convertible debentures into shares and warrants, moves that will strengthen the balance sheet, increase equity capitalization and potentially enhance Oceanic’s ability to advance its large-scale iron ore assets in the Labrador Trough.
More about Oceanic Iron Ore
Oceanic Iron Ore Corp. is a Vancouver-based company focused on developing its 100%-owned Hopes Advance, Morgan Lake and Roberts Lake iron ore projects located on the coast in the Labrador Trough in Québec, Canada, with its flagship Hopes Advance project hosting a large NI 43-101 compliant measured and indicated mineral resource of approximately 1.39 billion tonnes.
Average Trading Volume: 128,767
Technical Sentiment Signal: Buy
Current Market Cap: C$120.8M
Find detailed analytics on FEO stock on TipRanks’ Stock Analysis page.