OROCO COMPLETES FINAL CLOSING OF NON-BROKERED PRIVATE PLACEMENTS
February 20 2024 - 9:15AM
Oroco Resource Corp. (TSX-V: OCO, OTC: ORRCF) (“Oroco” or “the
Company”) is pleased to announce the closing of a non-brokered
private placement (the “
Private Placement”) raising net
proceeds of $1,028,000 through the sale of 2,570,000 units at a
price of $0.40 per unit. Each unit consists of one share and
one share purchase warrant. Each share purchase warrant
entitles the holder to purchase one share at the price of $0.65 per
share for a period of 18 months from closing.
Commenting on the Private Placement, Richard
Lock, CEO, stated: “In completing our recent series of private
placements, we are very pleased to have exceeded our overall
funding goal of five million dollars, despite the highly adverse
market conditions. We see this as a positive indication of
the significant value that the Santo Tomas Project holds for
Oroco.”
The Company intends to use the proceeds of the
Private Placement to continue improving various underlying aspects
of the Company’s Preliminary Economic Assessment, including those
relating to the Santo Tomas mine plan, together with property
maintenance and corporate overhead.
The Company will pay 75,000 shares to an agent
as finder’s fees in connection with this financing. Those shares
and any other shares issued, or warrants exercised pursuant to the
terms of the Private Placement, are subject to a hold period
expiring June 17, 2024. The Private Placement was carried out
under prospectus exemptions of applicable securities laws and is
subject to final acceptance by the TSX Venture Exchange.
ABOUT OROCO:
The Company holds a net 85.5% interest in those
central concessions (the “Core Concessions”) comprising 1,173
hectares of the Santo Tomas Project located in northwestern Mexico.
The Company also holds an 80% interest in an additional 7,861
hectares of mineral concessions surrounding and adjacent to the
Core Concessions (for a total Project area of 9,034 hectares, or
22,324 acres). The Project is situated within the Santo Tomas
District, which extends up to the Jinchuan Group’s Bahuerachi
Project, approximately 14 km to the northeast. The Project
hosts significant copper porphyry mineralization defined by prior
exploration spanning the period from 1968 to 1994. During
that time, the Project area was tested by over 100 diamond and
reverse circulation drill holes, totalling approximately 30,000
meters. Commencing in 2021, Oroco conducted a drill program
(Phase 1) at Santo Tomas, with a resulting total of 48,481 meters
drilled in 76 diamond drill holes. In October of 2023, the
Company announced a Preliminary Economic Assessment and Updated
Mineral Resource for the North and South Zones of the Santo Tomas
Project, identifying Indicated and Inferred resources of 561 Mt @
0.37% CuEq and 549 Mt @ 0.34% CuEq respectively.
The 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, in part, by a 32 km
access road originally built to service Goldcorp’s El Sauzal Mine
in Chihuahua State.
Additional information about Oroco Resource
Corp. can be found on its website at www.orocoresourcecorp.com and
by reviewing its profile on SEDAR at www.sedarplus.ca.
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) 688-6200
info@orocoresourcecorp.com
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