Oceanic Wind Energy Inc. announced a private placement of up to a maximum of 5,000,000 units at a price of CAD 0.05 per unit for gross proceeds of up to CAD 250,000 on October 28, 2022. Each unit shall consist of one common share and one common share purchase warrant. Each warrant will be exercisable to acquire one share at an exercise price of CAD 0.07 for a period of one year from the date of issuance.

The transaction may involve participation from certain directors and officers of the company. The company may pay finders' fee in the transaction. The closing of the private placement is subject to completion of formal documentation and the approval of the TSX Venture Exchange NEX.

All securities issued under this private placement will be subject to a four-month-plus-one-day statutory hold period.