Oceanic Iron Ore Corp. (TSXV:FEO) announced a non-brokered private placement of up to 4,250,000 units at a price of CAD 0.20 per unit for gross proceeds of up to CAD 850,000 on August 29, 2016. Each unit consists of one common share and one common share purchase warrant. Each warrant can be exercised to purchase one common share at an exercise price of CAD 0.30 per share for a period of two years from the date of closing. The transaction will include participation from existing investors, certain insiders, and shareholders of the company. If subscriptions received in respect of the transaction exceed CAD 850,000, the company may increase the maximum proceeds of the transaction, subject to regulatory approval. Alternatively, the company may maintain the level of gross proceeds at CAD 850,000, but will allocate all units pro rata among all subscribers in the transaction. The transaction is subject to certain conditions including, but not limited to, receipt of all required regulatory approvals. The securities are subject to four months hold period.