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Oroco Announces Increase in Private Placement
Oroco Announces Increase in Private Placement Canada NewsWire VANCOUVER, Oct. 25...
About this update from Oroco Resources Corp.
[{"type":"text","content":"\n\n\n\n\nOroco Announces Increase in Private Placement\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Oct. 25, 2018\n\n\n\nVANCOUVER, Oct. 25, 2018 /CNW/ - Oroco Resource Corp. (TSX-V: OCO) (\"Oroco\" or the \"Company\") is pleased to announce that, due to the private placement previously announced on October 9, 2018 (the \"Private Placement\") being oversubscribed, it is increasing the Private Placement by an additional 750,000 units. The increased private placement will now comprise up to 3,750,000 units at a price of $0.20 per unit to raise gross proceeds of up to $750,000. Each unit will consist 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.  \nThe Company is also amending the Private Placement from a \"part and parcel\" private placement (requiring the use of proceeds to be constrained to the Altamura transaction) to an ordinary private placement, allowing the Company greater flexibility in the use of the proceeds. The net proceeds will now 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.\nThe Company also announces that it has granted 1,500,000 incentive stock options in varying amounts to five consultants to the Company, with each option granting the holder the right to purchase common shares at a price of $0.225 per share for three years. The options shall vest in five equal installments over the next year.  \nThe Private Placement and the option grants are subject to the approval of the TSX Venture Exchange.\nNeither TSX Ventu...