VANCOUVER, BC — February 12, 2026 — Leads & Copy — Oceanic Iron Ore Corp. (TSXV: FEO) has announced the successful closing of a private placement, raising gross proceeds of $50,000,100. The offering involved the sale of 66,666,800 units at a price of $0.75 per unit.
Each unit comprises one common share of the company and one-half of one warrant. Each whole warrant allows the holder to purchase one common share at an exercise price of $0.95, expiring on February 12, 2029.
The offering included a brokered private placement of 17,250,000 units, generating gross proceeds of $12,937,500. This portion, known as the Bought Deal Offering, included the full exercise of the underwriters’ option. National Bank Financial Inc. and Haywood Securities Inc. acted as joint bookrunners and co-lead underwriters for this offering.
The remaining 49,416,800 units were sold through a non-brokered private placement, raising $37,062,600.
Oceanic Iron Ore intends to use the net proceeds to fund permitting and development costs for its Hopes Advance, Morgan Lake, and Roberts Lake iron ore projects in Northern Québec, Canada. The funds will also be used to advance strategic investment initiatives and for general corporate purposes.
The underwriters received a cash fee of $776,250, representing 6% of the gross proceeds from the Bought Deal Offering, including units sold through the Underwriters’ Option.
The units were offered in all Canadian provinces and territories, as well as in the United States and other jurisdictions, under applicable prospectus and registration exemptions. All securities issued are subject to a four-month and one-day hold period, as per Canadian securities laws.
Holders of the company’s convertible debentures converted their debentures when the offering closed. This resulted in the issuance of 32,892,521 common shares and an equal number of share purchase warrants. Additionally, 1,407,000 share purchase warrants were exercised, generating proceeds of $267,330. As of the date of the release, Oceanic Iron Ore has 254,552,802 issued and outstanding common shares.
Certain company insiders participated in the non-brokered offering. The company relied on exemptions from formal valuation and minority shareholder approval requirements under Multilateral Instrument 61-101, as the value of securities distributed to insiders did not exceed 25% of the company’s market capitalization.
Steven Dean, Frank Giustra and Ryan Beedie acquired units through related entities. As a result of the offering and conversions, Dean owns 15,191,834 common shares (5.97%), 3,625,000 stock options, and 8,370,889 warrants; Giustra owns 41,602,201 common shares (16.34%) and 12,050,000 warrants; and Beedie owns 42,374,523 common shares (16.65%) and 29,804,360 warrants. These individuals acquired the units for investment purposes and may alter their holdings in the future.
Copies of the early warning reports will be available on SEDAR+.
Oceanic Iron Ore Corp. is focused on developing its Hopes Advance, Morgan Lake, and Roberts Lake iron ore projects in Québec, Canada. The Hopes Advance Project has a measured and indicated mineral resource of approximately 1.39 billion tonnes and is located at tidewater, which eliminates reliance on third-party infrastructure.
A 2019 preliminary economic assessment of the Hopes Advance project outlined a pre-tax NPV8 of USD$2.4 billion (post-tax NPV8 of USD $1.4 billion) over a 28-year mine life, with a life of mine operating cost of approximately USD $30/tonne, producing a blast furnace concentrate product grading at 66.5%Fe with approximately 4.5% Silica.
Recent metallurgical testwork indicates the potential to produce a high-grade, direct reduction iron product through modifications to the existing flowsheet.
Notes on Technical Disclosure
Mineral resources are not mineral reserves and do not have demonstrated economic viability.
The Study is preliminary in nature, and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the Study will be realized.
Eddy Canova P. Geo, a Consultant to the Company, a Qualified Person as defined by NI 43-101 and independent of the Company, has reviewed and approved the technical information in this news release.
Forward Looking Statements:
This news release includes certain “Forward-Looking Statements” as that term is used in applicable securities law.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Source: Oceanic Iron Ore Corp.
