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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, Aug. 6, 2019\n\n\n\nVANCOUVER, Aug. 6, 2019 /CNW/ - Oroco Resource Corp. (TSX-V: OCO) (\"Oroco\" or \"the Company\") is pleased to announce that it has closed the first tranche of the previously announced non-brokered private placement, issuing 2,000,000 units at a price of $0.45 per unit, for gross proceeds of $900,000 (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 $0.70 per share.  \nThe proceeds of the Financing 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.\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 December 7, 2019.\nFinder's fees of 19,200 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 $0.45 per share.\nNeither 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.\nCautionary Note Regarding Forward Looking Information\nThis news release includes certain \"forward-looking information\" and \"forward-looking stat...