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Oroco closes first tranche of non-brokered private placement
Oroco closes first tranche of non-brokered private placement Canada NewsWire VAN...
About this update from Oroco Resources Corp.
[{"type":"text","content":"\n\n\n\nOroco closes first tranche of non-brokered 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, March 11, 2020\n\n\n\nVANCOUVER, March 11, 2020 /CNW/ - Oroco Resource Corp. (TSX-V: OCO) (\"Oroco\" or \"the Company\") is pleased to announce that it has closed the first tranche of a non-brokered private placement, issuing 2,500,000 units at a price of $0.30 per unit, for gross proceeds of $750,000 (the \"Financing\").  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 $0.42 per share.  The exercise period for the warrants may be accelerated to 30 days if, at any time after the first four months of the warrant exercise period, the volume-weighted trading average of the Company's shares exceeds $0.60 over twenty consecutive trading days.\nThe proceeds of the Financing will be used to advance the Santo Tomas Project, including preparation for an exploration drill program, acquisition of surface rights and permits, and a 3D IP geophysical survey, and general corporate purposes.   \nPursuant to the policies of the TSX Venture (the \"Exchange\"), all shares issued in this first tranche, and any shares issued pursuant to the exercise of the warrants, are subject to a hold period expiring July 12, 2020.\nFinder's fees of $7,440 and 24,800 warrants are being paid in connection with the Financing.  Each finder's fee warrant will entitle the holder to purchase one common share of the Company for a period of 24 months from closing at a price of $0.42 per share.  The exercise period for the warrants may be accelerated to 30 days if, at any time after the first four months of the warrant exercise period, the volume-weighted trading average of the Company's shares exceeds $0.60 over twenty consecutive trading days.\nThe Company also announces the cancellation for re-pricing purposes of 1,650,000 incentive options with an exer...