Orovero Closes First Tranche of Private Placement
January 03 2014 - 9:30AM
Access Wire
Orovero Resources Corp. (TSX-V: OVR, Frankfurt:
GA0, "Orovero" or the
"Company")
is pleased to announce that it has closed the first
tranche of the non-brokered private placement announced on October
28, 2013. The first tranche consists of aggregate gross proceeds of
$516,904. The Company will issue 5,743,376 units at a price of
$0.09 per unit in the first tranche.
As previously
disclosed, each unit will consist of one common share and one-half
of one share purchase warrant. Each whole warrant will entitle the
holder to acquire one additional common share at a price of $0.15
for two years. The proceeds from the private placement will be used
by the Company to identify, acquire, refurbish and commission a
toll mill in Peru with its partnership, as announced in Orovero's
news release dated October 23, 2013. Funds will also be used for
general working capital. The Private Placement securities will be
issued subject to a minimum four-month hold period from the date of
issuance. The private placement is subject to
TSX Venture Exchange approval. Finder's fees may be payable with
respect to the private placement, in accordance with Exchange
policies.
Orovero received an
extension from the TSX Venture Exchange to close the private
placement to January 13, 2014.
The share exchange
financing arrangement with Global Resources Investments Ltd.
("GRIL",) also announced in our October 28, 2013 news release, is
still in place. GRIL will re-register as a public company and be
constituted as an investment trust with the name Global Resources
Investment Trust Plc. ("GRIT") and seek admission of its ordinary
shares on the main market for listed securities on the London Stock
Exchange. Closing of the share exchange transaction is subject to a
number of conditions precedent, including approval of the TSX
Venture Exchange, and GRIT successfully listing on the London Stock
Exchange.
Corporate
Changes
Orovero announces the
following executive changes effective January 2, 2014. Mr. Dan
O'Brien has been appointed Chief Financial Officer replacing Mr.
Michael Iannacone, who also held the office of Corporate Secretary.
Ms. Doris Meyer has been appointed Corporate Secretary.
Mr. O'Brien is a member of the
Institute of Chartered Accountants of British Columbia and is also
Chief Financial Officer for a number of publicly listed exploration
companies trading on the Toronto Stock Exchange and TSX Venture
Exchange. He was previously a senior manager at a leading Canadian
accounting firm where he specialized in the audit of public
companies in the mining and resource sector.
"On behalf of the
board, I would like to thank Mr. Iannacone for his contributions to
Orovero" stated Mr. Len Clough.
Orovero also
announces the change of address of its corporate offices to Unit 1
- 15782 Marine Drive, White Rock, B.C. V4B 1E6. Our new phone
number is 604-536-2711 and our fax number is
604-536-2788.
About Orovero
Resources Corp.
Orovero is a company
focused on pursuing near term production opportunities with cash
flow. The Company is working in partnership to develop its first
gold toll milling operation in Peru with a goal of becoming Peru's
processor of choice with multiple facilities processing in excess
of 1000 tonnes per day. In addition, the Company has a portfolio of
highly prospective exploration properties including its' flagship
property called Rio Tabaconas located in Northern Peru.
ON BEHALF OF THE BOARD
"Len Clough"
_______________________________________
Mr. Len Clough, Chairman, President, CEO and
Director
For further information please contact:
Mr. Shawn Perger, Corporate Communications
Tel: 1-604-687-1828
Email: info@oroveroresources.com
-NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO
OR THROUGH US NEWSWIRE SERVICES-
Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
This news release
may contain forward-looking statements including but not limited to
comments regarding the timing and content of upcoming work
programs, geological interpretations, receipt of property titles,
potential mineral recovery processes, etc. Forward-looking
statements address future events and conditions and therefore
involve inherent risks and uncertainties. Actual results may differ
materially from those currently anticipated in such statements.
Readers are encouraged to refer to the Company's public disclosure
documents for a more detailed discussion of factors that may impact
expected future results. The Company undertakes no obligation to
publicly update or revise any forward-looking statements. We advise
U.S. investors that the SEC's mining guidelines strictly prohibit
information of this type in documents filed with the SEC. U.S.
investors are cautioned that mineral deposits on adjacent
properties are not indicative of mineral deposits on our
properties.
The securities
being offered have not been, nor will they be registered under the
United States Securities Act of 1933, as amended, or state
securities laws and may not be offered or sold within the United
States or to, or for the account or benefit of, U.S. persons absent
U.S. federal and state registration or an applicable exemption from
the U.S. registration requirements. This release does not
constitute an offer for sale of securities in the United
States.
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