Oroco Closes Non-Brokered Private Placement
January 16, 2024 NEWS RELEASE
OROCO CLOSES NON-BROKERED PRIVATE PLACEMENT
VANCOUVER, British Columbia – (January 16, 2024) Oroco Resource Corp. (TSX -V: OCO, OTC:
ORRCF) (“Oroco” or “the Company”) is pleased to announce the closing of a non -brokered
private placement (the “ Private Placement”) raising gross proceeds of $ 1,454,302.80 through
the sale of 3,635,757 units at a price of $0. 40 per unit. Each unit consists of one share and one
share purchase warrant. Each share purchase warrant entitles the holder to purchase one share
at the price of $0.65 per share for a period of 18 months from closing.
ATM Mining Corp., a company controlled by Craig Dalziel, Executive Chairman of the Company,
has purchased a total of 150,000 units for proceeds of $60,000. The participation of ATM Mining
Corp. in the Private Placement is exempt from the valuation and minority shareholder approval
requirements of Multilateral Instrument 61-101 as the fair market value of its participation is less
than 25% of the market capitalization of the Company.
The Company will pay 73,000 common shares in finder’s fees (the “Finders Fee Shares”) to an
agent in connection with the Private Placement . The Finder’s Fee S hares are subject to a hold
period expiring May 16, 2024.
The Company will use the proceeds of the Private Placement for working capital and corporate
overhead.
The shares and any shares issued pursuant to the exercise of the warrants are subject to a hold
period expiring May 1 6, 2024. The Private Placement was carried out pursuant to p rospectus
exemptions of applicable securities laws and is subject to final acceptance by the TSX Venture
Exchange.
ABOUT OROCO:
The Company holds a net 85.5% interest in those central concessions (the “ Core Concessions”)
comprising 1,173 hectares of the Santo Tomas Project located in northwestern Mexico. The
Company also holds an 80% interest in an additional 7,861 hectares of min eral concessions
surrounding and adjacent to the Core Concessions (for a total Project area of 9, 034 hectares, or
22,324 acres). The Project is situated within the Santo Tomas District, which extends up to the
Jinchuan Group’s Bahuerachi Project, approximately 14 km to the northeast. The Project 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 October of 2023, the Company announced a Preliminary Economic
Assessment and Updated Mineral Resource for the North and South Zones of the Santo Tomas
OROCO RESOURCE CORP.
1201-1166 Alberni Street, Vancouver, BC V6E 3Z3
T: 604.688.6200 F: 604.688.6260
www.orocoresourcecorp.com
Project, identifying Indicated and Inferred resources of 561 Mt @ 0.37% CuEq and 549 Mt @
0.34% CuEq respectively.
The 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, in part,
by a 32 km access road originally built to service Goldcorp’s El Sauzal Mine in Chihuahua State.
Additional information about Oroco Resource Corp. can be found on its website at
www.orocoresourcecorp.com and by reviewing its profile on SEDAR at www.sedarplus.ca.
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.