OROCO RESOURCE CORP. ANNOUNCES CLOSING OF PRIVATE PLACEMENT
VANCOUVER, British Columbia – (March 15, 2011) Oroco Resource Corp. (TSX-V: OCO) (“Oroco” or “the Company”) is pleased to announce that it has closed a non-brokered private placement (the "Private Placement") of 3,941,334 units at a price of $0.30 per unit to raise gross proceeds of $1,182,400. Each unit consists of one common share and one-half of one non-transferable common share purchase warrant. Each whole share warrant is exercisable into one additional common share for a period of eighteen months at a price of $0.45 per share.
All securities issued in this financing will be subject to a hold period which will expire on July 12, 2011. Proceeds of the Private Placement will be used by the Company for general working capital and for expenditures related to the development of the Company’s Cerro Prieto Project in Sonora State, Mexico. There are no finder’s fees being paid in association with the Private Placement.
For further information, please contact:
Mr. Craig Dalziel, President and CEO
Oroco Resource Corp.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.