Oceanic Iron gets backing from Sino-Canada resources fund

The debentures, which will convert to common shares at $0.16 apiece, have a coupon of 6% over a 30-month term, according to a statement.

Meanwhile, the company has engaged CapitalAsia as a strategic advisor to help the company secure partnership focused in China. Two months ago, CapitalAsia agreed to invest $1.2 million in Toronto-listed miner Cadilla Ventures via the same fund.

Oceanic Iron Ore intends to use the proceeds to fund its ongoing negotiations with potential strategic partners and to support a feasibility study and environmental assessment for its Hopes Advance project, as well as for general claims maintenance and working capital purposes.

"Our investment in Oceanic provides us with excellent exposure to iron ore, which we believe will continue to have strong demand dynamics in Asia and other emerging economies developing infrastructure and focused on urbanization," said Thomas Lau, managing partner of Sino-Canada Natural Resources Fund.

The fund is run out of Hong Kong on behalf of private and institutional investors from Greater China. It invests in Canadian public and private companies in the mining, oil and gas and forestry spaces.

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• Topics
• Greater China
• Industrials
• Expansion
• China
• Canada
• Commodities
• Growth capital