VANCOUVER, Canada – (March 11, 2020) Oroco Resource Corp. (TSX-V: OCO) (“Oroco” or “the Company”) is pleased to announce that it has closed the first tranche of a non-brokered private placement, issuing 2,500,000 units at a price of $0.30 per unit, for gross proceeds of $750,000 (the “Financing”). Each unit consists of one common share and one-half of one common share purchase warrant. Each whole share purchase warrant will be exercisable into one additional common share for a period of 24 months from closing at a price of $0.42 per share. The exercise period for the warrants may be accelerated to 30 days if, at any time after the first four months of the warrant exercise period, the volume-weighted trading average of the Company’s shares exceeds $0.60 over twenty consecutive trading days.
The proceeds of the Financing will be used to advance the Santo Tomas Project, including preparation for an exploration drill program, acquisition of surface rights and permits, and a 3D IP geophysical survey, and general corporate purposes.