TSX Venture Exchange:  FEO

ALL AMOUNTS ARE STATED IN CANADIAN DOLLARS, UNLESS OTHERWISE NOTED

VANCOUVER, BC, April 2, 2024 /CNW/ - Oceanic Iron Ore Corp. (TSXV: FEO) ("Oceanic", or the "Company") is pleased to announce that it has elected to settle an aggregate of $92,651 in accrued interest due under the Company's previously issued Replacement Series A Convertible Debentures, Replacement Series B Convertible Debenture, Series C Convertible Debentures and Series D Convertible Debentures on March 31, 2024 (the "Settlement Date") by issuing 1,425,400 common shares in the capital of the Company (each, a "Common Share") at a price equal to $0.065 per Common Share (based on the closing price on April 1, 2024).