Funds to be used for development of Cerro Prieto project in Mexico
By Devika Patel
Knoxville, Tenn., March 22 - Oroco Resource Corp. said it raised C$647,500 in the second and final tranche of a C$1.47 million non-brokered private placement of units. The deal priced for C$1 million on Feb. 27 and was increased to C$1.21 million on March 2 and then to C$1.47 million on March 15. The company took in C$820,000 on March 6.
The company sold 5.87 million units of one common share and a half-share warrant at C$0.25 per unit. It sold 3.28 million units in the initial tranche and 2.59 million units in the second.
Each whole warrant is exercisable at C$0.45 for 18 months. The strike price is a 45.16% premium to the company's C$0.31 closing share price on Feb. 24.
Proceeds will be used for the continuing development of Oroco's Cerro Prieto project in Sonora State, Mexico, and for general working capital.
Vancouver, B.C.-based Oroco Resource explores for gold and silver.
| Issuer: | Oroco Resource Corp.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$1,467,500
|
| Units: | 5.87 million
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.45
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 27
|
| Upsized: | March 2, March 15
|
| Settlement date: | March 6 (for C$820,000), March 22 (for C$647,500)
|
| Stock symbol: | TSX Venture: OCO
|
| Stock price: | C$0.31 at close Feb. 24
|
| Market capitalization: | C$17.05 million
|
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