OROCO ANNOUNCES PRIVATE PLACEMENT FINANCING
March 10 2022 - 4:05PM
Oroco Resource Corp. (
TSX-V: OCO, OTC: ORRCF)
(“Oroco” or “
the Company”) is pleased to announce
a private placement (the “
Offering”) for gross
proceeds of up to $13,600,000 from the sale of up to 8,000,000
units of the Company (each, a “Unit”) at a price of $1.70 per Unit.
Each Unit will consist of one common share of the Company and one
share purchase warrant (each, a “
Warrant”).
Each Warrant will entitle the holder thereof to purchase one
common share of the Company at a price of $2.40 for a period of 24
months from the closing date of the Offering.
The Company intends to use the proceeds of the Offering for the
continued exploration of the Company’s Santo Tomas Project,
provision of a reserve for acquisitions and for general working
capital purposes.
The closing of the Offering is expected to occur on or about
March 15, 2022 and is subject to receipt of all necessary
regulatory approvals including the TSX Venture Exchange
(“TSXV”). The Company may pay finder’s fees
on the sale of the Units in accordance with the policies of the
TSXV. All common shares of the Company that are issued as a
result of the Offering will be subject to a hold period of four
months and one day from the closing date of the Offering.
The securities offered have not been, and will not be,
registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act") or any U.S.
state securities laws, and may not be offered or sold in the United
States or to, or for the account or benefit of, United States
persons absent an applicable exemption from the registration
requirements of the U.S. Securities Act and applicable U.S. state
securities laws. This news release does not constitute an offer to
sell or the solicitation of an offer to buy securities in the
United States or any other jurisdiction.
ABOUT OROCO:
The Company holds a net 73.2% interest in the collective
1,172.9 ha Core Concessions of the Santo Tomas Project in NW
Mexico. The Company also holds a 77.5% interest in 7,807.9 ha
of mineral concessions surrounding and adjacent to the Core
Concessions (for a total project area of 22,192 acres). The
Project is situated within the Santo Tomas District, which extends
from Santo Tomas up to the Jinchuan Group’s Bahuerachi project,
approximately 14 km to the north-east. Santo Tomas hosts a
significant copper porphyry deposit defined by prior exploration
spanning the period from 1968 to 1994. During that time, the
property was tested by over 100 diamond and reverse circulation
drill holes, totaling approximately 30,000 meters. Based on data
generated by these drill programs, a historical Prefeasibility
Study was completed by Bateman Engineering Inc. in
1994.
The Santo Tomas Project is located within 160km of the
Pacific deep-water port at Topolobampo and is serviced via highway
and proximal rail (and parallel corridors of trunk grid power lines
and natural gas) through the city of Los Mochis to the northern
city of Choix. The property is reached by a 32 km access road
originally built to service Goldcorp’s El Sauzal Mine in Chihuahua
State.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy
or accuracy of this release.
Cautionary Note Regarding Forward Looking
Information
This news release includes certain “forward-looking
information” and “forward-looking statements” (collectively
“forward-looking statements”) within the meaning of applicable
Canadian securities legislation. All statements, other than
statements of historical fact included herein, including without
limitation, statements relating to future events or achievements of
the Company, are forward-looking statements. There can be no
assurance that such forward-looking statements will prove to be
accurate, and actual results and future events could differ
materially from those anticipated or implied in such statements.
Many factors, both known and unknown, could cause actual
results, performance or achievements to be materially different
from the results, performance or achievements that are or may be
expressed or implied by such forward-looking statements.
Readers should not place undue reliance on the
forward-looking statements and information contained in this news
release concerning these matters. Oroco does not assume any
obligation to update the forward-looking statements should they
change, except as required by law.
Craig Dalziel, CEO
Oroco Resource Corp.
(604) 688-6200
info@orocoresourcecorp.com
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