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Oroco Resource Corp. grants 6,235,000 incentive stock options to directors, officers, employees, and consultants at an exercise price of $0.75 per share. The options will vest in 4 installments over 3 years, totaling 13,685,000 outstanding options, representing 6% of the currently issued shares.
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VANCOUVER, Canada, April 09, 2024 (GLOBE NEWSWIRE) -- Oroco Resource Corp. (TSX-V: OCO, OTC: ORRCF) (“Oroco” or “the Company”) announces that pursuant to the Company's Stock Option Plan and subject to approval by the TSX Venture Exchange, it has granted a total of 6,235,000 incentive stock options to 33 directors, officers, employees and consultants of the Company at an exercise price of $0.75 per share, with a term of 3 years. Of that total option grant, 3,075,000 incentive options have been granted to officers and directors of the Company. All options will vest in 4 installments with one-quarter vesting on the grant and thereafter upon each of the 3, 6, and 9-month anniversaries of the grant. The Company now has 13,685,000 incentive options outstanding, equating to 6 percent of the currently issued and outstanding shares of the Company, at an average exercise price of $1.42 per share.
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 northeast. 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, totalling 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 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.
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.
FAQ
How many incentive stock options were granted by Oroco Resource Corp.?
Oroco Resource Corp. granted a total of 6,235,000 incentive stock options to directors, officers, employees, and consultants.
What is the exercise price of the stock options granted by Oroco Resource Corp.?
The exercise price of the stock options granted by Oroco Resource Corp. is $0.75 per share.
How many incentive options were granted to officers and directors of Oroco Resource Corp.?
3,075,000 incentive options have been granted to officers and directors of Oroco Resource Corp.
How will the options vest for the granted stock options?
The options will vest in 4 installments with one-quarter vesting on the grant and thereafter upon each of the 3, 6, and 9-month anniversaries of the grant.
What percentage of currently issued shares do the outstanding options represent for Oroco Resource Corp.?
The outstanding options represent 6% of the currently issued shares of Oroco Resource Corp.
