OROCO RESOURCE CORP. ANNOUNCES CLOSING OF PRIVATE PLACEMENT
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 23, 2009) - Oroco Resource Corp. ("Oroco" or "the Company") is pleased to announce the closing of the first tranche of 5,800,000 units of a non-brokered private placement (the "Private Placement") at a price of $0.15 per unit. Each unit consists of one common share and one transferable common share purchase warrant exercisable into one additional common share for a period of nine months at a price of $0.25 per share. All securities issued in this financing will be subject to a hold period which for this tranche will expire on November 17, 2009.
The Company has determined that it will limit the total offering to 6,500,000 units and intends to close on the remaining 700,000 units for which subscription agreements have been executed, upon receipt of final funds.
In connection with this tranche of the Private Placement, the Company is paying the following finders fees: General Research GmbH - 150,000 "Finders Units," wherein each Finders Unit is comprised of one common share of the Company and one warrant exercisable for one year at $0.40; Warner Payton Investments Inc. - 90,000 Finders Units; 0719639 B.C. Ltd. - $1,800 cash and 16,200 Finders Units; Canaccord Capital Corporation - 12,000 Finders Units; and PI Financial Corp. - $2,700 cash.
For further information, please contact:
Mr. Ken Thorsen, 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.