Oroco Resource Corp. Financing Progress
Oroco Resource Corp. confirms that its non-brokered private placement financing is advancing smoothly. This is part of a strategic move to improve funding for the company's ongoing initiatives. The announcement regarding the financing initiative outlines the sale of up to 18,000,000 Units at a price of US$0.20 per Unit, which is expected to generate gross proceeds of up to US$3.6 million. A minimum of US$2.0 million is anticipated as part of this offering.
Details of the Offering
Each Unit in this offering comprises one common share and one-half of one common share purchase warrant. These warrants will allow holders to purchase additional shares at a price of US$0.30 within two years post-issuance. This financing strategy aligns with Oroco's broader objectives for its Santo Tomas Project, which is critical to the company's growth in mineral exploration.
Strategic Involvement in Financing
Craig Dalziel, the Executive Chairman of Oroco Resource Corp., emphasized the need for this funding arrangement. He noted that the initiative was conceptualized with the support of Faysal Rodriguez, a recently appointed member of the Board of Directors, whose participation is crucial. The arrangement paved the way for attracting other strategic investors interested in the Santo Tomas Project. The overall aim was to enable the growth and development of the project while maintaining certain participation limits, meeting the strategic interests of the company.
Regulatory Approvals and Completion Timeline
The conclusion of the Offering is contingent upon receiving necessary regulatory approvals, including those from the TSX Venture Exchange. Importantly, no finder’s fees are expected to be due. Furthermore, any securities issued as part of the Offering will be held under a statutory holding period as stipulated by applicable laws.
About Oroco Resource Corp.
Oroco Resource Corp. holds an impressive 85.5% interest in the Core Concessions of the Santo Tomas Project, which spans a considerable area of 1,173 hectares. Additional mineral concessions around this core area total 9,034 hectares. The Santo Tomas Project possesses substantial copper porphyry mineralization that has been previously identified through extensive drilling between 1968 and 1994. In recent years, Oroco has continued to build upon this foundation through a rigorous drilling program, resulting in significant discoveries that heighten the project's potential.
Recent Exploration Efforts
In 2021, Oroco initiated a Phase 1 drilling program at the Santo Tomas Project, accumulating a total of 48,481 meters drilled across 76 diamond drill holes. These efforts have propelled the company toward updated mineral resource estimates and preliminary economic assessments, affirming the promising outlook for the project. The updated reports were published recently, ensuring that stakeholders are informed about the project's ongoing development.
Logistical Advantages of the Santo Tomas Project
The Santo Tomas Project is strategically located approximately 170 km from a deep-water port, which facilitates the transportation of minerals. This connection is vital for operational efficiency, bolstering Oroco’s capabilities in both logistics and infrastructure. The site can be accessed via established roadways and rail systems, enhancing the ease with which materials and personnel can move in and out of the area.
Contact Information
For further inquiries about Oroco Resource Corp. or its projects, investors and audiences can reach out to:
Craig Dalziel, Chairman
Oroco Resource Corp.
Tel: 604-688-6200
Email: info@orocoresourcecorp.com
Website: www.orocoresourcecorp.com
Frequently Asked Questions
What is Oroco Resource Corp.'s primary project?
The Santo Tomas Project, where Oroco holds an 85.5% interest, is the company's main focus for development and exploration.
How much funding is Oroco raising through the financing?
Oroco is looking to raise up to US$3.6 million from the sale of 18 million Units at a price of US$0.20 each.
Who is involved in Oroco’s current financing initiative?
The financing was arranged with the involvement of Faysal Rodriguez and includes commitments from other strategic investors.
What is the significance of the Santo Tomas Project?
The project harbors significant copper porphyry mineralization and is crucial for Oroco’s growth in the mining sector.
Where can I find more information about Oroco Resource Corp.?
Further details can be accessed on Oroco’s website, along with their latest updates and reports.
