Vancouver, Canada, March 10, 2022 (GLOBE NEWSWIRE) — Oroco Resource Corp. (
TSX-V: OCO, OTC: ORRCF
) (“Oroco” or “
the Company
”) is pleased to announce a private placement (the “
Offering
”) for gross proceeds of up to $13,600,000 from the sale of up to 8,000,000 units of the Company (each, a “Unit”) at a price of $1.70 per Unit. Each Unit will consist of one common share of the Company and one share purchase warrant (each, a “
Warrant
”). Each Warrant will entitle the holder thereof to purchase one common share of the Company at a price of $2.40 for a period of 24 months from the closing date of the Offering.
The Company intends to use the proceeds of the Offering for the continued exploration of the Company’s Santo Tomas Project, provision of a reserve for acquisitions and for general working capital purposes.
The closing of the Offering is expected to occur on or about March 15, 2022 and is subject to receipt of all necessary regulatory approvals including the TSX Venture Exchange (“
TSXV
”). The Company may pay finder’s fees on the sale of the Units in accordance with the policies of the TSXV. All common shares of the Company that are issued as a result of the Offering will be subject to a hold period of four months and one day from the closing date of the Offering.
The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the ”
U.S. Securities Act
“) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States or any other jurisdiction.
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. 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 [email protected]