VANCOUVER, April 17, 2019 /CNW/ - Oroco Resource Corp. (TSX-V: OCO) ("Oroco" or "the Company") is pleased to announce that it has closed a non-brokered private placement financing (the "Financing") through which the Company has raised proceeds of $800,000 by way of the sale of a total of 3,200,000 units at a price of $0.25 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 $0.40 per share.
Pursuant to the policies of the TSX Venture (the "Exchange"), the shares and any shares issued pursuant to the exercise of the warrants are subject to a hold period expiring August 18, 2019.
No finder's 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 CEO, 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."
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.
SOURCE Oroco Resource Corp.
For further information: Mr. Craig Dalziel, President and CEO, Oroco Resource Corp., Tel: 604-688-6200, www.orocoresourcecorp.com