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VANCOUVER, Canada, Feb. 05, 2025 (GLOBE NEWSWIRE) -- Oroco Resource Corp. (TSX-V: OCO, OTC: ORRCF) (“Oroco” or the “Company”) announces that it has amended the terms of a non-brokered private placement (the “Offering”) which was announced on January 27, 2025 to that of up to 6,000,000 units of the Company (each, a “Unit”) at a price of C$0.25 per Unit for gross proceeds of up to C$1,500,000. Red Cloud Securities Inc. will be acting as a finder in connection with the Offering.
Each Unit will consist of one common share of the Company (each, a “Unit Share”) and one common share purchase warrant (a “Warrant”). Each Warrant shall entitle the holder to purchase one common share of the Company (each, a “Warrant Share”) at a price of C$0.40 at any time on or before that date which is 24 months after the issue date of the Unit.
The Company intends to use the proceeds from the Offering for the advancement of the Santo Tomás Project located in Chihuahua State, Mexico as well as working capital and other general corporate purposes.
The closing of the Offering is subject to receipt of all necessary regulatory approvals including the TSX Venture Exchange (the “TSX-V”). Finder’s fees will be payable in accordance with the policies of the TSX-V. The securities issued under the Offering will be subject to a hold period ending on the date that is four months plus one day following the date of issue in accordance with applicable securities laws.
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933 (the "U.S. Securities Act"), as amended, or any state securities laws, and accordingly, may not be offered or sold within the United States or to US persons except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.
ABOUT OROCO
The Company holds a net 85.5% interest in those central concessions that comprise 1,173 hectares “the Core Concessions” of The Santo Tomas Project, located in northwestern Mexico. The Company also holds an 80% 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 km to the northeast. The Project hosts significant copper porphyry mineralization initially 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 meters. Commencing in 2021, Oroco conducted a drill program (Phase 1) at Santo Tomas, with a resulting total of 48,481 meters drilled in 76 diamond drill holes.