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VANCOUVER, Canada, Feb. 24, 2025 (GLOBE NEWSWIRE) -- Oroco Resource Corp. (TSX-V: OCO, OTC: ORRCF) (“Oroco” or the “Company”) is pleased to announce that, further to its news release dated February 12, 2025, it has received $2,303,555.75 in gross proceeds for its oversubscribed private placement of 9,214,223 units of the Company (the “Units”) at a price of $0.25 per Unit (the “Offering”). Each Unit is comprised of one common share in the capital of the Company (a “Common Share”) and one Common Share purchase warrant (a “Warrant”). Each Warrant entitles the holder to purchase one Common Share at an exercise price of $0.40 for 24 months following the closing date of the Offering. The Offering is subject to the approval of the TSX Venture Exchange.
The Company intends to use the proceeds from the Offering for the advancement of the Santo Tomás Project located in Sinaloa State, Mexico, as well as working capital, corporate marketing and other general corporate purposes.
The Company may pay finders fees to certain arm’s-length finders in connection with the Offering. All securities issued pursuant to the Offering will be subject to a 4-month hold period in accordance with applicable securities laws.
The securities offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons in the absence of U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.
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, totaling 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.