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Oceanic Announces Settlement Of Debenture Interest For Common Shares

Press Release

Vancouver, BC – Oceanic Iron Ore Corp. – January 3, 2023 (TSX-V: FEO) (“Oceanic”, or the “Company”) is pleased to announce that it has elected to settle an aggregate of $94,107 in accrued interest due under the Company’s previously issued Replacement Series A Convertible Debentures, Series B Convertible Debentures, Series C Convertible Debentures and Series D Convertible Debentures on December 31, 2022 (the “Settlement Date”) by issuing 1,344,374 common shares in the capital of the Company (each, a “Common Share”) at a price equal to $0.07 per Common Share.

Unless permitted under securities legislation, the Common Shares must not trade prior to January 27, 2023.

OCEANIC IRON ORE CORP. (www.oceanicironore.com)

On behalf of the Board of Directors

“Steven Dean”

Chairman

+1 (604) 566-9080

IBF4

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