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VANCOUVER, Canada, March 03, 2025 (GLOBE NEWSWIRE) -- Oroco Resource Corp. (TSX-V: OCO, OTC: ORRCF) (“Oroco” or “the Company”) is pleased to announce the closing of a non-brokered private placement (the “Private Placement”) raising gross proceeds of $2,303,555.75 through the sale of 9,214,223 units at a price of $0.25 per unit. Each unit consists of one share and one share purchase warrant. Each share purchase warrant entitles the holder to purchase one share at the price of $0.40 per share for a period of 24 months from closing.
ATM Mining Corp., a company controlled by Craig Dalziel, Executive Chairman of the Company, Stephen Leahy, director, and Kelly Vanry, wife of Steve Vanry, Chief Financial Officer and director of the Company, participated in the Offering and purchased an aggregate of 3,850,000 units. The participation of the insiders in the Private Placement is exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 as the fair market value of their respective participation is less than 25% of the market capitalization of the Company.
The Company will pay $900 in cash and 3,600 share purchase warrants (the “Finder’s Warrants”) in finder’s fees in connection with the Private Placement. Each Finder’s Warrant entitles the holder to purchase one common share at the price of $0.25 for a period of 24 months.
The Company will use the proceeds of the Private Placement 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 shares and any shares issued pursuant to the exercise of the warrants are subject to a hold period expiring June 29, 2025. The Private Placement was carried out pursuant to prospectus exemptions of applicable securities laws and is subject to final acceptance by the TSX Venture Exchange.
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.