VANCOUVER, Sept. 19, 2019 /CNW/ - Oroco Resource Corp.
(TSX-V: OCO) ("Oroco" or "the Company") is
pleased to announce that it has closed the second and final tranche
of the previously announced non-brokered private placement, issuing
1,000,000 units at a price of $0.45
per unit, for gross proceeds of $450,000 (the "Financing"). Gross
proceeds from the two tranches was $1,350,000. 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, along with the proceeds from the
first tranche, 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, all shares issued
in this second tranche, and any shares issued pursuant to the
exercise of the warrants, are subject to a hold period expiring
January 20, 2020.
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.