More dilution while they fill thier piggy banks.
Oroco Resource arranges $1-million private placement
2024-01-02 19:17 ET - News Release
Mr. Richard Lock reports
OROCO ANNOUNCES PRIVATE PLACEMENT
Oroco Resource Corp. has arranged a non-brokered private placement to raise gross proceeds of up to $1-million through the issuance of up to 2.5 million units at a price of 40 cents per unit. Each unit comprised one common share in the equity of the company and one share purchase warrant entitling the holder to acquire one additional share for 65 cents for a period of 18 months from the closing date.
The company intends to use the net proceeds of the private placement for working capital and for general corporate purposes. The company may pay finders' fees consisting of cash, share purchase warrants and shares to certain qualified individuals in accordance with the policies of the TSX Venture Exchange and applicable securities laws.
Closing of the proposed private placement is subject to obtaining all required approvals, including the approval of the TSX-V and any other regulatory approval. All securities issued pursuant to the private placement will be subject to a hold period of four months from the closing date.
About Oroco Resource Corp.
The company holds a net 85.5-per-cent interest in those central concessions comprising 1,173 hectares of the Santo Tomas project, located in northwestern Mexico. The company also holds an 80-per-cent interest in an additional 7,861 hectares of mineral concessions surrounding and adjacent to the core concessions (for a total project area of 9,034 hectares or 22,324 acres). The project is situated within the Santo Tomas district, which extends up to the Jinchuan Group's Bahuerachi project, approximately 14 kilometres to the northeast. The project hosts significant copper porphyry mineralization defined by prior exploration spanning the period from 1968 to 1994. During that time, the project area was tested by over 100 diamond and reverse circulation drill holes, totalling approximately 30,000 metres. Commencing in 2021, Oroco conducted a drill program (phase 1) at Santo Tomas, with a resulting total of 48,481 metres drilled in 76 diamond drill holes. In October of 2023, the company announced a preliminary economic assessment and updated mineral resource for the north and south zones of the Santo Tomas project, identifying indicated and inferred resources of 561 million tonnes at 0.37 per cent copper equivalent (CuEq) and 549 million tonnes at 0.34 per cent CuEq, respectively.
The project is located within 160 kilometres of the Pacific deepwater port at Topolobampo and is serviced via highway and proximal rail (and parallel corridors of trunk grid power lines and natural gas) through the city of Los Mochis to the northern city of Choix. The property is reached, in part, by a 32-kilometre access road originally built to service Goldcorp's El Sauzal mine in Chihuahua state.
We seek Safe Harbor.