OROCO CLOSES NON-BROKERED PRIVATE PLACEMENT
March 17 2023 - 3:43PM
March 17,
2023
NEWS
RELEASE
OROCO CLOSES NON-BROKERED PRIVATE
PLACEMENT
VANCOUVER, British Columbia – (March 17,
2023) Oroco Resource Corp. (TSX-V: OCO, OTC: ORRCF) (“Oroco” or
“the Company”) is pleased to announce that it has closed a
non-brokered private placement (the “Private Placement”)
raising gross proceeds of $4,758,727.55 through the sale of a total
of 6,344,970 units at a price of $0.75 per unit. Each unit
consists of one share and one-half of one share purchase warrant.
Each whole share purchase warrant entitles the holder to purchase
one share for a period of 24 months from closing at a price of
$1.05 per share.
The shares and any shares issued pursuant to the
exercise of the warrants are subject to a hold period expiring July
18, 2023.
ATM Mining Corp. (ATM”), a company controlled by
Craig Dalziel, Executive Chairman of the Company, participated in
the Private Placement, purchasing 200,000 units. ATM’s
participation in the Private Placement is exempt from the valuation
and minority shareholder approval requirements of Multilateral
Instrument 61-101 as the fair market value of it’s participation is
less than 25% of the market capitalization of the Company.
The Company paid a total of: (i) $78,500 cash;
(ii) 60,000 common shares: (iii) 10,000 share purchase warrants
which entitle the holder to purchase one share for two years at a
price of $0.75; and (iv) 50,000 share purchase warrants which
entitle the holder to purchase one share for two years at a price
of $1.05 per share, in finder’s fees to RFC Ambrian Limited and
Vertigo Partners Ltd. in connection with the Private
Placement.
The proceeds of the financing will be used for
exploration and development activities, working capital and
corporate overhead.
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 up 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 spanning the period from 1968 to 1994. During that
time, the property was tested by over 100 diamond and reverse
circulation drill holes, totalling 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 Company is nearing the completion of its 2021-2023
drill program at Santo Tomas with a total of approximately 49,000
meters drilled in 76 diamond drill holes.
The Santo Tomas Project is located within 160 km
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.
For further information, please contact:
Richard Lock, CEOOroco Resource Corp. Tel:
604-688-6200 Email:
info@orocoresourcecorp.comwww.orocoresourcecorp.com
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.
Christy Fabros
Oroco Resource Corp.
(604) 358-9386
cfabros@orocoresourcecorp.com
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