OROCO RESOURCE CORP. ANNOUNCES CLOSING OF PRIVATE PLACEMENT
VANCOUVER, British Columbia – (December 21, 2012) Oroco Resource Corp. (TSX-V: OCO) (“Oroco” or “the Company”) is pleased to announce that it has closed its non-brokered private placement (the "Private Placement") with a second tranche of 300,000 units at a price of $0.20 per unit for proceeds of $60,000. Each unit consists of one common share and one-half of one non-transferable common share purchase warrant. Each whole share purchase warrant is exercisable for a period of eighteen months into one additional common share at a price of $0.35 per share.
All securities issued in this tranche will be subject to a hold period which will expire on April 22, 2011. Proceeds of the Private Placement will be used by the Company for general working capital. There are no finder’s fees being paid in association with this tranche of the Private Placement.
Further to its news release of November 19, 2012, the Company announces that the completion of the $5 million dollar convertible debt facility is pending the delivery of certain due diligence title documents from the Public Registry of Mining in Mexico with regard to the Company’s mineral concessions. The Company expects to complete the transaction in January.
For further information, please contact:
Mr. Craig Dalziel, President and CEO
Oroco Resource Corp.
This news release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company’s actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company’s control. These factors include: the availability of funds; the timing and content of work programs; results of exploration activities and development of mineral properties, the interpretation of drilling results and other geological data, the uncertainties of resource and reserve estimations, receipt and security of mineral property titles; project cost overruns or unanticipated costs and expenses, fluctuations in metal prices; currency fluctuations; and general market and industry conditions.
Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.