TSX Venture Exchange:  FEO

ALL AMOUNTS ARE STATED IN CANADIAN DOLLARS, UNLESS OTHERWISE NOTED

VANCOUVER, BC, April 3, 2023 /CNW/ - Oceanic Iron Ore Corp. – April 3, 2023 (TSXV: FEO) ("Oceanic", or the "Company") is pleased to announce that it elected to settle an aggregate of $92,970 in accrued interest due under the Company's previously issued Replacement Series A Convertible Debentures, Series B Convertible Debenture, Series C Convertible Debentures and Series D Convertible Debentures on March 31, 2023 (the "Settlement Date") by issuing 1,093,760 common shares in the capital of the Company (each, a "Common Share") at a price equal to $0.085 per Common Share.