VANCOUVER, Aug. 6, 2019 /CNW/ - Oroco Resource Corp.
(TSX-V: OCO) ("Oroco" or "the Company") is
pleased to announce that it has closed the first tranche of the
previously announced non-brokered private placement, issuing
2,000,000 units at a price of $0.45
per unit, for gross proceeds of $900,000 (the "Financing"). Each
unit consists of one common share and one-half of one common share
purchase warrant. Each whole share purchase warrant will be
exercisable into one additional common share for a period of 24
months from closing at a price of $0.70 per share.
The proceeds of the Financing will be used, in part, to improve
and develop road access to the North and South Zones at Santo
Tomas, construct an exploration camp on the West Bench of the
property, and undertake a work campaign on the property involving
ground geophysical and geological surveys, including Three
Dimensional Induced Polarization programs. In addition, proceeds
will be utilized for aspects of project permitting, and the scoping
of water and power needs, sources and costs.
Pursuant to the policies of the TSX Venture (the "Exchange"),
all shares issued in this first tranche, and any shares issued
pursuant to the exercise of the warrants, are subject to a hold
period expiring December 7, 2019.
Finder's fees of 19,200 warrants are being paid in connection
with the Financing. Each finder's fee warrant will entitle
the holder to purchase one common share of the Company for a period
of 24 months from closing at a price of $0.45 per share.
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.