OROCO CLOSES FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT
March 21 2022 - 9:30PM
Oroco Resource Corp. (
TSX-V: OCO, OTC: ORRCF)
(“
Oroco” or “
the Company”) is
pleased to announce that it has closed the first tranche of the
previously announced non-brokered private placement, issuing
8,054,885 units at a price of $1.70 per unit, for gross proceeds of
$13,693,303.90 (the “
Financing”). Each unit
consists of one common share and one common share purchase
warrant. Each whole share purchase warrant will be
exercisable into one additional common share for a period of 24
months from closing at a price of $2.40 per share. The
Company anticipates closing the second tranche shortly.
The proceeds of the Financing will be used, for the continued
exploration of the Company’s Santo Tomas Project, provision of a
reserve for acquisitions and for general working capital
purposes.
Pursuant to the policies of the TSX Venture (the
“Exchange”), all shares issued in this first
tranche, and any shares issued pursuant to the exercise of the
warrants, are subject to a hold period expiring July 22, 2022.
Finder’s fees of $373,724.20 cash, 80,000 common shares of the
Company and 215,344 share purchase warrants (the “Finder’s
Warrants”) are being paid to RFC Ambrian Limited, Red
Cloud Securities Inc., National Bank Financial Inc., Vertigo
Partners Ltd., Canaccord Genuity Corp., Henrik Mikkelsen and PI
Financial Corp. Each Finder Fee warrant will entitle the
holder to purchase one common share of the Company for a period of
24 months from closing at a price of $2.05 per share.
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 and may
increase that majority interest up to an 85.5% interest with a
project investment of up to CAD$30 million. 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
Oroco Resource (TSXV:OCO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Oroco Resource (TSXV:OCO)
Historical Stock Chart
From Apr 2023 to Apr 2024