Oroco Resource arranges $3.6-million (U.S.) financing

Executive Summary

• Oroco Resource Corp. announced a non‑brokered private placement of up to 18 million units at $0.20 per unit, targeting gross proceeds of up to US$3.6 million.
• Each unit consists of one common share and half of a common‑share purchase warrant (full warrant allows purchase at $0.30 per share for 24 months).
• Board member Faysal Rodriguez will purchase five million units for US$1 million; proceeds are earmarked for advancing the Santo Tomas project in Mexico, working capital, and general corporate purposes.

Key Details

• Placement Size: Up to 18 million units (maximum gross proceeds of US$3.6 million).
• Unit Composition: 1 common share + ½ warrant (full warrant = right to buy 1 common share at $0.30).
• Price per Unit: US$0.20 (≈ CAD$0.276).
• Warrant Terms: Exercise price $0.30 per share; exercisable any time up to 24 months after issue date.
• Board Participation: Faysal Rodriguez will purchase 5 million units for US$1 million.
• Use of Proceeds: Advancement of the Santo Tomas copper‑porphyry project (Sinaloa & Chihuahua, Mexico), working capital, and other general corporate purposes.
• Closing Conditions: Subject to regulatory approvals including TSX Venture Exchange; finders’ fees payable per TSX‑V policy.
• Holding Period: Securities subject to a lock‑up of four months plus one day from issue date under applicable securities laws.

Notable Quotes

(No direct quotes were provided in the release.)