Oceanic Announces Up to $50 Million Equity Financing

Core Viewpoint - Oceanic Iron Ore Corp. is initiating a financing effort of up to $50 million to support the development of its Ungava Bay Projects in Northern Quebec, Canada [1] Non-Brokered Offering - The company is conducting a non-brokered private placement to issue up to 49,416,800 Units at a price of $0.75 per Unit, aiming for gross proceeds of up to $37,062,600 [2] - Each Unit consists of one common share and one-half of one warrant, with each whole warrant exercisable at $0.95 per share for 36 months [2] Bought Deal Offering - Oceanic has entered into an agreement with National Bank Financial Inc. and Haywood Securities Inc. for a bought deal offering of 15,000,000 Units at the same terms as the non-brokered offering, targeting gross proceeds of approximately $11,250,000 [3] - The underwriters have an option to increase the offering size by up to 15%, potentially raising an additional $1,687,500 [4] Financial Terms - The company will pay the underwriters a cash fee of 6% on the gross proceeds from the sale of Units, including any sold under the underwriters' option [5] Closing Details - The offerings are expected to close around February 13, 2026, subject to necessary approvals from the TSX Venture Exchange and other regulatory authorities [6] Use of Proceeds - Net proceeds from the offerings will fund permitting and development costs for the Hopes Advance, Morgan Lake, and Roberts Lake iron ore projects, as well as strategic investment initiatives and general corporate purposes [7] Convertible Debentures - Key holders of existing convertible debentures, representing approximately 91% of the total principal balance, intend to convert their debentures concurrently with the offerings, resulting in the issuance of 30,100,521 common shares and warrants [9] Company Overview - Oceanic Iron Ore Corp. focuses on developing its 100% owned iron ore projects in Quebec, with the Hopes Advance Project having a measured and indicated mineral resource of approximately 1.39 billion tonnes [12] - The Hopes Advance Project has a pre-tax NPV8 of USD $2.4 billion over a 28-year mine life, with an operating cost of approximately USD $30 per tonne [13]