Funds to be used for development of Cerro Prieto project in Mexico
By Susanna Moon
Chicago, Feb. 28 - Oroco Resource Corp. said it plans to complete a non-brokered private placement of up to 4 million units at a price of C$0.25 each for proceeds of up to C$1 million. Each unit consists of one share and one half-share warrant.
Each warrant will be exercisable for 18 months at C$0.45 per share, which is a 45.16% premium to the company's C$0.31 closing share price on Feb. 24.
Proceeds will be used for the continuing development of Oroco's Cerro Prieto project in Sonora State, Mexico and for general working capital.
Vancouver, B.C.-based Oroco Resource explores for gold and silver.
| Issuer: | Oroco Resource Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1 million
|
| Units: | 4 million
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.45
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 27
|
| Stock symbol: | TSX Venture: OCO
|
| Stock price: | C$0.31 at close Feb. 24
|
| Market capitalization: | C$19.57 million
|
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