OCEANIC ANNOUNCES CONVERSION OF DEBENTURES
MWN-AI** Summary
Oceanic Iron Ore Corp. (TSXV: FEO) has announced the conversion of Series E Convertible Debentures into 23,805,569 units, greatly impacting its equity structure. Each unit consists of one common share and one share purchase warrant, bringing the total outstanding common shares to 148,439,309 as of September 12, 2025. Key investors such as Frank Giustra, Steven Dean, and Chris Batalha participated in this conversion, significantly increasing their shareholdings.
Mr. Giustra converted $450,000 in debentures for 6,000,000 shares and warrants, raising his total ownership to 30,691,801 shares, equating to 20.68% of outstanding shares. This conversion positions him as a significant stakeholder in Oceanic, especially on a partially diluted basis. Similarly, Mr. Dean’s $220,416.68 conversion increased his holdings to 9,348,997 shares, representing 6.30% of the company. Meanwhile, Mr. Batalha converted $114,999 worth of debentures into 1,533,320 shares, raising his total to 4,527,389 shares, or 3.05% of the outstanding equity.
The conversions led to some shareholders, such as Sino-Canada Natural Resources Fund I, falling below the 10% ownership threshold, thereby reducing their disclosure obligations. All principals involved have indicated their intent to hold and potentially transact additional securities based on future market conditions.
Oceanic Iron Ore Corp. continues to advance its iron ore projects, focusing on its 100% owned Hopes Advance, Morgan Lake, and Roberts Lake sites in Quebec. The company remains committed to enhancing shareholder value in a sector where iron ore demand remains robust. This conversion marks a strategic shift as it bolsters the liquidity and investment potential within the firm’s shareholder structure.
MWN-AI** Analysis
Oceanic Iron Ore Corp. (TSXV: FEO) has recently announced the conversion of a series of convertible debentures into units consisting of common shares and warrants. This strategy, led by significant stakeholders like Frank Giustra and Steven Dean, suggests a strong commitment to the company's future, increasing their holdings in a volatile market.
This conversion results in the issuance of 23,805,569 units, bringing the total outstanding shares to approximately 148.4 million. Notably, Giustra's stake has risen to 20.68%, indicating a bullish outlook on the company’s potential, especially considering the impressive pre-tax NPV8 of $2.4 billion from the Hopes Advance project. This optimism may provide upward pressure on the share price.
Investors should note that the new share issuance may dilute existing shareholders' equity; however, the accompanying warrants at an exercise price of $0.075 could attract future investment, signaling confidence in Oceanic’s value proposition. The conversion exercise reflects a strategic move amid the anticipated positive market developments in the iron ore sector, driven by infrastructure spending and recovery in industrial demand.
In light of these developments, trading strategies could include a cautious entry point for long-term investors looking to capitalize on potential price appreciation driven by further project advancements and iron ore market dynamics. Short-term traders may want to watch for price volatility as the market digests this new information, including how existing shareholders react to the dilution impact.
Overall, Oceanic Iron Ore Corp. presents a compelling opportunity, marked by strong leadership commitment and a solid project pipeline, despite the inherent risks associated with share dilution. Investors should remain vigilant to market conditions and company announcements that could impact share price momentum.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
Canada NewsWire
TSX Venture Exchange: FEO
VANCOUVER, BC , Sept. 15, 2025 /CNW/ - Oceanic Iron Ore Corp. (TSXV: FEO) (" Oceanic ", or the " Company "), announces the conversion of certain Series E Convertible Debentures into 23,805,569 units (" Units ") of the Company (the " Conversions "). Each Unit comprises one common share and one share purchase warrant.
After reflecting the effects of the Conversions, as at September 12, 2025 , the Company has 148,439,309 common shares issued and outstanding.
Early Warning Disclosure – Frank Giustra
Pursuant to the Conversions, Mr. Frank Giustra converted a Series E convertible debenture in the amount of $450,000 into 6,000,000 common shares and 6,000,000 share purchase warrants exercisable at $0.075 per warrant.
As a result of the conversion of the Series E convertible debenture, Mr. Frank Giustra , directly and indirectly, now owns and/or controls, in aggregate, 30,691,801 Common Shares, representing 20.68% of the current issued and outstanding Common Shares of the Company, 6,000,000 Warrants, a $200,000 Series A convertible debenture of the Company, convertible into 2,000,000 Common Shares and 2,000,000 Warrants, a $267,330 Series C convertible debenture of the Company, convertible into 1,407,000 Common Shares and 1,407,000 Warrants and a $205,000 Series D convertible debenture of the Company, convertible into 2,050,000 Common Shares and 2,050,000 Warrants.
Prior to the Conversions, Mr. Frank Giustra would have held, directly and indirectly, or had control or direction over, an aggregate of 24,691,801 Common Shares of the Company, representing approximately 19.81% of the issued and outstanding shares of the Company and 32.26% of the issued and outstanding shares on a partially diluted basis assuming the conversion of the Debentures and its related warrants.
Following the Conversions, and assuming conversion of the remaining convertible debentures and exercise of the underlying warrants owned or controlled by Mr. Giustra, Mr. Giustra would own and/or control, directly and indirectly, 47,605,801 common shares, representing 28.79% of the issued and outstanding common shares of the Company on a partially diluted basis.
The Company has been advised that Mr. Giustra executed the conversion of Series E debentures for investment purposes and may in the future acquire or dispose of securities of the Company, through the market, privately or otherwise, as circumstances or market conditions warrant.
Early Warning Disclosure – Steven Dean
Pursuant to the Conversions, Mr. Steven Dean , through his related entity Sirocco Advisory Services Ltd. that is beneficially owned and controlled by Mr. Dean, converted a Series E convertible debenture in the amount of $220,416.68 into 2,938,889 common shares and 2,938,889 share purchase warrants exercisable at $0.075 per warrant.
As a result of the conversion of the Series E convertible debenture disclosed herein, Mr. Steven Dean , directly and indirectly, now owns and/or controls, in aggregate, 9,348,997 Common Shares, representing 6.30% of the current issued and outstanding Common Shares of the Company, 3,825,000 Stock Options, 2,938,889 Warrants, a $33,000 Series A convertible debenture of the Company, convertible into 330,000 Common Shares and 330,000 Warrants, a $375,250 Series C convertible debenture of the Company, convertible into 1,975,000 Common Shares and 1,975,000 Warrants and a $296,000 Series D convertible debenture of the Company, convertible into 2,960,000 Common Shares and 2,960,000 Warrants.
Prior to the Conversions, Mr. Steven Dean would have held, directly and indirectly, or had control or direction over, an aggregate of 6,410,108 Common Shares of the Company, representing approximately 5.14% of the issued and outstanding shares of the Company and 18.39% of the issued and outstanding shares on a partially diluted basis assuming the conversion of the Debentures and its related warrants, as well as the exercise of the stock options held.
Following the Conversions, and assuming conversion of the remaining convertible debentures and exercise of the underlying warrants and stock options owned or controlled by Mr. Dean, Mr. Dean would own and/or control, directly and indirectly, 26,642,886 common shares, representing 16.08% of the issued and outstanding common shares of the Company on a partially diluted basis.
The Company has been advised that Mr. Dean executed the conversion of Series E debentures for investment purposes and may in the future acquire or dispose of securities of the Company, through the market, privately or otherwise, as circumstances or market conditions warrant.
Early Warning Disclosure – Chris Batalha
Pursuant to the Conversions, Mr. Chris Batalha converted a Series E convertible debenture in the amount of $114,999 into 1,533,320 common shares and 1,533,320 share purchase warrants exercisable at $0.075 per warrant.
As a result of the conversion of the Series E convertible debenture, Mr. Batalha, directly and indirectly, now owns and/or controls, in aggregate, 4,527,389 Common Shares, representing 3.05% of the current issued and outstanding Common Shares of the Company, 1,900,000 Stock Options, 1,533,320 Warrants, 33,334 Restricted Share Units ("RSUs") a $22,000 Series A convertible debenture of the Company, convertible into 220,000 Common Shares and 220,000 Warrants, a $186,960 Series C convertible debenture of the Company, convertible into 984,000 Common Shares and 984,000 Warrants and a $171,000 Series D convertible debenture of the Company, convertible into 1,710,000 Common Shares and 1,710,000 Warrants.
Prior to the Conversions, Mr. Chris Batalha would have held, directly and indirectly, or had control or direction over, an aggregate of 2,994,069 Common Shares of the Company, representing approximately 2.40% of the issued and outstanding shares of the Company and 10.20% of the issued and outstanding shares on a partially diluted basis assuming the conversion of the Debentures and its related warrants, settlement of RSUs, as well as the exercise of the stock options held.
Following the Conversions, and assuming conversion of the remaining convertible debentures, settlement of RSUs, and exercise of the underlying warrants and stock options owned or controlled by Mr. Batalha, Mr. Batalha would own and/or control, directly and indirectly, 13,822,043 common shares, representing 8.76% of the issued and outstanding common shares of the Company on a partially diluted basis.
Since Mr. Batalha's beneficial ownership of securityholdings decreased below the 10% threshold, Mr. Batalha is no longer deemed a 10% holder and will not be required to complete any further early warning filings.
Early Warning Disclosure – Sino-Canada Natural Resources Fund I ("Sino-Canada")
Sino-Canada directly owns, in aggregate, 12,480,125 Common Shares, representing 8.41% of the current issued and outstanding Common Shares of the Company and a $82,460 Series C convertible debenture, which is convertible into 434,000 Common Shares and 434,000 Warrants.
Prior to the Conversions, Sino-Canada would have held directly an aggregate of 13,348,125 shares of the Company, representing approximately 10.63% of the issued and outstanding shares on a partially diluted basis assuming the conversion of the Series C Debenture and its related warrants.
Following the Conversions, and assuming conversion of the convertible debentures and exercise of the underlying Warrants, Sino-Canada would own directly, 13,348,125 Common Shares, representing 8.94% of the issued and outstanding Common Shares of the Company on a partially diluted basis.
The trigger for this disclosure is a result of the Conversions. Since Sino-Canada's beneficial ownership of securityholdings decreased below the 10% threshold, Sino-Canada is no longer deemed a 10% holder and will not be required to complete any further early warning filings.
Frank Giustra , Steven Dean , Chris Batalha and Sino-Canada will be filing Reports on SEDAR+ pursuant to National Instrument 62-103 (Early Warning Report). A copy of the Report can be obtained from SEDAR+ at www.sedarplus.ca .
OCEANIC IRON ORE CORP. ( www.oceanicironore.com )
On behalf of the Board of Directors
"Steven Dean"
Executive Chairman
About Oceanic:
Oceanic is focused on the development of its 100% owned Hopes Advance, Morgan Lake and Roberts Lake iron ore development projects located on the coast in the Labrador Trough in Québec, Canada. In December 2019 , the Company published the results of a preliminary economic assessment completed in respect of the flagship Hopes Advance project outlining a base case pre-tax NPV8 of USD$2.4 bn (post-tax NPV8 of USD $1.4 bn ) over a 28 year mine life, supported by a NI 43-101 measured and indicated mineral resource of approximately 1.36 bn tonnes and a life of mine operating cost of approximately USD $30 /tonne. Further information in respect of the Morgan Lake and Roberts Lake projects, both of which have been explored historically and which have defined historical resources, is also available on the Company's website.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Oceanic Iron Ore Corp.
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FAQ**
How will the conversion of debentures into units impact the overall capital structure and share distribution of Oceanic Iron Ore Corp. FEO:CC?
What are the long-term strategic implications of Frank Giustra's increased ownership stake in Oceanic Iron Ore Corp. FEO:CC following the conversion of his Series E debentures?
How does Oceanic Iron Ore Corp. FEO:CC plan to utilize the funds raised from the conversion of these debentures, particularly concerning its iron ore development projects?
With several shareholders, including Sino-Canada, falling below the 10% ownership threshold post-conversion, what changes might occur in the governance structure of Oceanic Iron Ore Corp. FEO:CC?
**MWN-AI FAQ is based on asking OpenAI questions about Oceanic Iron Ore Corp. (TSXVC: FEO:CC).
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