Oceanic Iron Ore Corp. (TSXV:FEO) announced a non-brokered private placement of convertible debentures for gross proceeds of CAD 710,000 on September 5, 2017. The convertible debenture carries a coupon of 8.5% per annum and would mature over 60 months term payable quarterly. The convertible debenture is convertible into units during the term at the election of the subscriber. The conversion price during the first year of the term is CAD 0.08 per unit, increasing to CAD 0.10 per unit for the remainder of the term. Each unit will consist of 1 common share in the capital of the company and 1 share purchase warrant of the company, with each whole warrant entitling the holder to purchase one common share in the capital of the company at a price of CAD 0.10 per common share for a period of 5 years after closing. The debentures will be secured with a first ranking charge at any time against the assets of the company.