An anonymous representative of Beedie Investments reports

BEEDIE INVESTMENTS LTD. FILES EARLY WARNING REPORT

Beedie Investments Ltd. has acquired Series E convertible debentures of Oceanic Iron Ore Corp. in the aggregate principal amount of $1,000,002 pursuant to a non-brokered private placement. The Series E debentures have an interest rate of 8.5 per cent per annum and a maturity date that is the fifth anniversary of the closing date, being Sept. 24, 2029. The Series E debentures will be secured by way of a first charge against the assets of the company, ranking pari passu with the holders of the Series A convertible debentures, the Series B convertible debentures, the Series C convertible debentures and the Series D convertible debentures of the company.

The principal amount outstanding under the Series E debentures is convertible into units. The conversion price for the Series E debentures is 7.5 cents per Series E unit from the closing date of Sept. 24, 2024, to and including the first anniversary of the closing date, being Sept. 24, 2025, and 10 cents per Series E unit after the first conversion term and on or prior to the maturity date. Each Series E unit consists of one common share of the company and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of 7.5 cents per common share, and is exercisable for the period commencing on the date of conversion of such Series E debenture and ending on the maturity date.

Assuming the conversion in full of the purchased Series E debentures and the exercise in full of the warrants issuable upon such conversion, the purchased series E debentures are convertible into: (a) 26,666,720 common shares if converted during the first conversion term, representing approximately 24.15 per cent of the issued and outstanding common shares after giving effect to such conversion; and (b) 20,000,040 common shares if converted during the second conversion term, representing approximately 18.11 per cent of the issued and outstanding common shares after giving effect to such conversion.

Prior to its acquisition of the purchased Class E debentures, Beedie Investments held a total of: (i) 6,850,962 common shares; (ii) Series A debentures in the principal amount of $200,000; (iii) Series B debentures in the principal amount of $837,500; (iv) Series C debentures in the principal amount of $200,640; and (v) Series D convertible debentures of the company in the principal amount of $304,000.

Today's acquisition of the purchased Class E debentures brings the total number of common shares owned or deemed to be owned by Beedie Investments to 62,459,682 common shares, in the case of conversion of the purchased Class E debentures during the first conversion term, or 55,793,002 common shares, in the case of conversion of the purchased Class E debentures during the second conversion term (assuming conversions in full of the previously purchased debentures and the purchased Class E debentures and the exercise in full of the warrants issuable upon such conversions).

Ryan Beedie is the sole shareholder of Beedie Investments.

All of the securities held by the acquiror in the company are being held for investment purposes. The acquiror may, in the future, take such actions in respect of its company securityholdings as it deems appropriate in light of the market circumstances then existing, including the potential purchase of additional shares of the company through open market purchases or privately negotiated transactions, a corporate transaction, such as a merger, reorganization or liquidation, involving the company, or the sale of all or a portion of such holdings in the open market or in privately negotiated transactions to one or more purchasers, or the acquiror may continue to hold its current positions.

A copy of the early warning report relating to the acquisition of the purchased Series E debentures will be available under the company's profile on SEDAR+, and may also be obtained by contacting Beedie Investments at 604-435-3321.