Oroco Closes Non-Brokered Private Placement
August 15, 2023 NEWS RELEASE
OROCO CLOSES NON-BROKERED PRIVATE PLACEMENT
VANCOUVER, British Columbia – (August 15, 2023) 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
$1,750,000 through the sale of 2,692,308 units at a price of $0.65 per unit. Each unit consists
of one share and one share purchase warrant. Each share purchase warrant entitles the holder
to purchase one share for a period of 24 months from closing at a price of $0.90 per share.
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 25% of the market capitalization of the Company.
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 85.5% interest in those central concessions which comprise 1,172.9
hectares “the Core Concessions” of the Santo Tomas Project, located in northwestern Mexico.
The Company also holds an 80% interest in an additional 7,861.3 hectares of mineral
concessions surrounding and adjacent to the Core Concessions (for a total project area of
9,034.2 hectares, or 22,324.4 acres). The Santo Tomas Project is situated within the Santo
Tomas District, which extends up to the Jinchuan Group’s Bahuerachi Project, approximately 14
km to the northeast. Santo Tomas hosts significant copper porphyry mineralization defined by
prior exploration spanning the period from 1968 to 1994. During that time, the project area
was tested by over 100 diamond and reverse circulation drill holes, totalling approximately
30,000 meters. Commencing in 2021, Oroco conducted a drill program (Phase 1) at Santo
Tomas, with a resulting total of 48,481 meters drilled in 76 diamond drill holes. In May of 2023
the Company completed a Mineral Resource Estimate for the Core Concessions which identified
an Indicated and Inferred resource totalling 1.087 billion tonnes of 0.36% CuEq.
OROCO RESOURCE CORP.
1201-1166 Alberni Street, Vancouver, BC V6E 3Z3
T: 604.688.6200 F: 604.688.6260
www.orocoresourcecorp.com
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: [email protected]
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.