Shareholders Approve Stock Option Plan
December 19 2022 - 11:07PM
Oroco Resource Corp. (TSX-V: OCO, OTC: ORRCF) (“Oroco” or “the
Company”) announces that its shareholders have approved the
Company’s amended 10% rolling stock option plan (the “Plan”) at its
Annual General Meeting of Shareholders held on December 16, 2022
(the “
Meeting”).
The Plan
The maximum number of common shares which may be issued under
the Plan is 10% of the Company’s issued and outstanding share
capital at the date of grant. The Plan has a ‟rolling” limit, as
the number of shares reserved for issuance pursuant to the grant of
stock options will automatically increase as the Company’s issued
and outstanding share capital increases. The limit includes
outstanding stock options previously granted. The Plan is
subject to annual approval of shareholders and the TSX Venture
Exchange (“TSXV”).
A copy of the Plan was appended to the Company’s information
circular pertaining to the Meeting dated November 7, 2022 (the
“Circular”) and is available under the Company’s profile on
SEDAR.
As further discussed in the Circular, the principal amendments
to the Plan ensure compliance with the revised Policy 4.4 of the
TSXV and include: (i) a provision that allows for the net exercise
of stock options, as described in the Circular; (ii) that share
capital adjustments are subject to the prior approval of the TSXV,
except where they relate to share consolidations or splits; and
(iii) disinterested shareholder approval is required for any
extension to stock options granted to individuals that are insiders
at the time of the proposed amendment.
ABOUT OROCO:
The Company holds a net 85.5% interest in the collective 1,172.9
ha Core Concessions of the Santo Tomas Project in NW Mexico.
The Company also holds an 80% interest in 8,154.3 ha of mineral
concessions surrounding and adjacent to the Core Concessions (for a
total project area of 23,048 acres). The Project is situated
within the Santo Tomas District, which extends from Santo Tomas to
the Jinchuan Group’s Bahuerachi project, approximately 14 km to the
northeast. Santo Tomas hosts a significant copper porphyry
deposit defined by prior exploration (100 drill holes totalling
approximately 30,000 meters) spanning the period from 1968 to 1994.
Based on data generated by these drill programs, a historical
Prefeasibility Study was completed by Bateman Engineering Inc. in
1994. The Company has since drilled 70 drill holes totalling
approximately 40,000 meters in it 2021 – 2022 exploration program
with the intent of confirming and expanding the historical resource
in support of its planned Preliminary Economic
Assessment.
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) accept 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.
Richard Lock, CEO
Oroco Resource Corp.
(604) 688-6200
info@orocoresourcecorp.com
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