Oceanic Iron Ore Corp. (TSXV:FEO) announced a non-brokered private placement series C convertible debentures for a gross proceeds of up to CAD 1,400,000 on February 24, 2021. The debentures carry a coupon rate of 8.5% per annum over a 60 month term. The principal amount of debentures will be convertible into units during the term at the election of the subscriber at a price of CAD 0.19 per unit. Each unit will consist of one common share and one share purchase warrant of the company, with each whole warrant entitling the holder to purchase one common share at a price of CAD 0.19 per common share for a period of 5 years after closing. The debenture are secured with a first ranking charge at any time against the assets of the company, ranking pari-passu with the current secured debenture holders. The transaction is subject to the approval of TSX Venture Exchange.