Shareholders Approve Stock Option Plan

About this update from Oroco Resources Corp.

[{"type":"text","content":" Vancouver, Canada, Dec. 19, 2022 (GLOBE NEWSWIRE) -- Oroco Resource Corp. (TSX-V: OCO, OTC: ORRCF) (“Oroco” or “the Company”) announces that its shareholders have approved the Company’s amended 10% rolling stock option plan (the “Plan”) at its Annual General Meeting of Shareholders held on December 16, 2022 (the “Meeting”).   The Plan The maximum number of common shares which may be issued under the Plan is 10% of the Company’s issued and outstanding share capital at the date of grant. The Plan has a ‟rolling” limit, as the number of shares reserved for issuance pursuant to the grant of stock options will automatically increase as the Company’s issued and outstanding share capital increases.  The limit includes outstanding stock options previously granted.  The Plan is subject to annual approval of shareholders and the TSX Venture Exchange (“TSXV”). A copy of the Plan was appended to the Company’s information circular pertaining to the Meeting dated November 7, 2022 (the “Circular”) and is available under the Company’s profile on SEDAR. As further discussed in the Circular, the principal amendments to the Plan ensure compliance with the revised Policy 4.4 of the TSXV and include: (i) a provision that allows for the net exercise of stock options, as described in the Circular; (ii) that share capital adjustments are subject to the prior approval of the TSXV, except where they relate to share consolidations or splits; and (iii) disinterested shareholder approval is required for any extension to stock options granted to individuals that are insiders at the time of the proposed amendment. ABOUT OROCO: The Company holds a net 85.5% interest in the collective 1,172.9 ha Core Concessions of the Santo Tomas Project in NW Mexico.  The Company also holds an 80% interest in 8,154.3 ha of mineral concessions surrounding and adjacent to the Core Concessions (for a total project area of 23,048 acres).  The Project is situated within the Santo Tomas District, which extends from Santo Tomas to the Jinchuan Group’s Bahuerachi project, approximately 14 km to the northeast.  Santo Tomas hosts a significant copper porphyry deposit defined by prior exploration (100 drill holes totalling approximately 30,000 meters) spanning the period from 1968 to 1994.  Based on data generated by these drill programs, a histo...

More updates from Oroco Resources Corp.