OROCO ANNOUNCES PRIVATE PLACEMENT OVERSUBSCRIBED

Rhea-AI Summary

Oroco Resource Corp. (ORRCF) announced the oversubscription of its private placement offering on March 10, 2022, ceasing new subscriptions. The Company holds a 73.2% interest in the Core Concessions of the Santo Tomas Project in Mexico, with potential to increase to 85.5% through a CAD$30 million investment. The project area spans 22,192 acres and features a significant copper porphyry deposit. The Santo Tomas Project is well-located near transport infrastructure, including proximity to the Pacific port at Topolobampo.

Positive

• Oversubscribed private placement indicates strong investor interest.
• Potential to increase ownership interest in the Santo Tomas Project to 85.5%.
• Significant historical exploration data available from the Santo Tomas Project.

Negative

• None.

Vancouver, Canada, March 15, 2022 (GLOBE NEWSWIRE) -- Oroco Resource Corp. (TSX-V: OCO, OTC: ORRCF) (“Oroco” or “the Company”) is pleased to announce that the private placement offering announced March 10, 2022 has been oversubscribed and the Company is no longer accepting new subscriptions.

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 does Oroco Resource Corp. (ORRCF) report about its recent private placement?

Oroco Resource Corp. has announced that its private placement offering has been oversubscribed and will no longer accept new subscriptions.

What is the ownership percentage of Oroco in the Santo Tomas Project?

Oroco holds a 73.2% interest in the Core Concessions of the Santo Tomas Project and may increase it to 85.5% with a potential investment of CAD$30 million.

What is the size of the Santo Tomas Project in Mexico?

The Santo Tomas Project spans a total area of 22,192 acres, which includes 1,172.9 ha of Core Concessions.

How far is the Santo Tomas Project from the Pacific deep-water port?

The Santo Tomas Project is located approximately 160 km from the Pacific deep-water port at Topolobampo.