Oroco Closes Second Tranche of Non- Brokered Private Placement
Oroco Closes Second Tranche of Non-
Brokered Private Placement
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.
View original content:
http://www.newswire.ca/en/releases/archive/September2019/19/c5011.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 16:30e 19-SEP-19