Mr. Craig Dalziel reports
OROCO CLOSES NON-BROKERED PRIVATE PLACEMENT
Oroco Resource Corp. has closed a non-brokered private placement financing through which the company has raised proceeds of $800,000 by way of the sale of a total of 3.2 million units at a price of 25 cents per unit. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole common share purchase warrant will be exercisable into one additional common share for a period of 18 months from closing at a price of 40 cents per share.
Pursuant to the policies of the TSX Venture Exchange, the shares and any shares issued pursuant to the exercise of the warrants are subject to a hold period expiring Aug. 18, 2019.
No finders' fees are being paid with regard to the financing.
The proceeds of the financing will be used for property acquisitions, associated technical reports, general and administrative expenses, and costs associated with obtaining shareholder and exchange approval of the option to acquire Altamura Copper Corp.
Commenting on the financing, Oroco president and chief executive officer Craig Dalziel stated: "We are very pleased that Oroco continues to be able to finance its land assembly activities at Santo Tomas without having to formally go to the market for funding support. Our objective is to continue to build a strong investment rationale for Oroco and the Santo Tomas project in a manner which allows timely capital injections while limiting the overall dilution to the company. We see this strategy as essential to the preservation of the considerable opportunity presented at Santo Tomas."
We seek Safe Harbor.
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