Oroco Closes Non-Brokered Private Placement
Oroco Closes Non-Brokered Private
Placement
VANCOUVER
,
Nov. 2, 2018
/CNW/ - Oroco Resource Corp. (
TSX-V: OCO
) ("
Oroco
" or "
the
Company
") is pleased to announce that it has closed the non-brokered private placement financing
(the "
Financing
") previously announced by news releases dated
October 9, 2018
and
October 25,
2018
. The Company has raised gross proceeds of
$750,000
through the sale of a total of 3,750,000
units at a price of
$0.20
per unit. 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 18 months from closing at a price of
$0.32
per share. The
closing of the Financing is subject to TSX Venture Exchange ("TSX-V") acceptance of requisite
regulatory filings.
The shares and any shares issued pursuant to the exercise of the warrants are subject to a hold
period expiring
March 3, 2019
.
The Company paid a total of
$13,500
in finder's fees to
Luis Zapata
and Canaccord Genuity Corp. in
connection with the Private Placement.
The proceeds of the financing are intended to be used for loans to Altamura pursuant to the loan
agreement also announced on
October 9, 2018
, the costs and expenses related to obtaining TSX
Venture Exchange and shareholder approvals, those expenses necessary to the Company's
obligations to maintain the Santo Tomas Concessions, costs associated with intended acquisitions
as the Company continues to pursue its land assembly of the Santo Tomas Project, and general and
administrative expenses.
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.
View original content:
http://www.newswire.ca/en/releases/archive/November2018/02/c7206.html
%SEDAR: 00026117E
For further information:
Mr. Craig Dalziel, President and CEO, Oroco Resource Corp., Tel: 604-
688-6200, www.orocoresourcecorp.com
CO: Oroco Resource Corp.
CNW 16:33e 02-NOV-18