OROCO CLOSES NON-BROKERED PRIVATE PLACEMENT
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Vancouver, Canada, Aug. 15, 2023 (GLOBE NEWSWIRE) -- Oroco Resource Corp. (TSX-V: OCO, OTC: ORRCF) (“Oroco” or “the Company”) is pleased to announce that it has closed a fully subscribed non-brokered private placement (the “Private Placement”) raising gross proceeds of
The shares and any shares issued pursuant to the exercise of the warrants are subject to a hold period expiring December 15, 2023. The Company has received conditional approval from the TSX Venture Exchange for the Private Placement but has yet to receive final approval.
ATM Mining Corp. (ATM”), a company controlled by Craig Dalziel, Executive Chairman of the Company, and Richard Lock, CEO and a director of the Company, participated in the Private Placement. ATM purchased 130,308 units and Mr. Lock purchased 40,026 units. ATM’s and Mr. Lock’s participation in the Private Placement are exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 as the fair market value of their respective participation is less than
No finder’s fees were paid in connection with the Private Placement.
The proceeds of the financing will be used for exploration and development activities, working capital and corporate overhead.
ABOUT OROCO:
The Company holds a net
The Santo Tomas Project is located within 160 km 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.
For further information, please contact:
Richard Lock, CEO
Oroco Resource Corp.
Tel: 604-688-6200
Email: info@orocoresourcecorp.com
www.orocoresourcecorp.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept 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
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