OROCO ANNOUNCES INCREASE IN PRIVATE PLACEMENT

Rhea-AI Summary

Oroco Resource Corp. (OTC: ORRCF) has announced an increase in its non-brokered private placement from 8 million to 10.5 million units at $1.70 per unit due to strong investor demand. Each unit consists of one common share and one warrant, allowing the purchase of additional shares at $2.40 for 24 months. The Company holds a 73.2% interest in the Santo Tomas Project in Mexico, with the potential to increase to 85.5% through a $30 million investment. The project area encompasses 22,192 acres and features a historical copper porphyry deposit, previously explored between 1968 and 1994.

Positive

• Increased private placement from 8M to 10.5M units.
• Strong investor demand indicated by the increase.
• Potential to acquire an 85.5% interest in the Santo Tomas Project.
• Historical exploration data and pre-feasibility study available for the Santo Tomas Project.

Negative

• None.

Vancouver, Canada, March 18, 2022 (GLOBE NEWSWIRE) -- Oroco Resource Corp. (TSX-V: OCO, OTC: ORRCF) (“Oroco” or “the Company”) is pleased to announce that due to investor demand, and further to its news release of March 10, 2022, it is increasing its non-brokered private placement from 8,000,000 units to 10,500,000 units 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”), with each Warrant entitling 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 of the Offering.

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 and may increase that majority interest up to an 85.5% interest with a project investment of up to CAD$30 million.  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.

FAQ

What is the latest private placement update for Oroco Resource Corp. (ORRCF)?

Oroco Resource Corp. has increased its private placement from 8 million to 10.5 million units at $1.70 per unit.

What are the terms for the warrants associated with Oroco's private placement?

Each warrant permits the purchase of one common share at $2.40 for 24 months following the closing of the offering.

What is the Santo Tomas Project and its significance for Oroco Resource Corp.?

The Santo Tomas Project, where Oroco holds a 73.2% interest, features significant historical copper deposits and spans 22,192 acres.

When was the historical exploration conducted at the Santo Tomas Project?

Exploration at the Santo Tomas Project occurred from 1968 to 1994, involving over 100 drill holes.