OROCO CLOSES SECOND TRANCHE OF NON-BROKERED
VANCOUVER, British Columbia – (March 22, 2012) Oroco Resource Corp. (TSX-V: OCO) (“Oroco” or “the Company”) announces it has today closed the second and final tranche of a non-brokered private placement financing (the “Financing”) it previously announced by news release dated February 27, 2012, and amended March 2, 2012. The Company has raised gross proceeds of $647,500 in this second tranche closing through the sale of a total of 2,590,000 units at a price of $0.25 per unit. Each unit consists of one common share and one half of one common share purchase warrant. Each whole share purchase warrant will be exercisable into one additional common share for a period of 18 months at a price of $0.40 per share. The securities issued in connection with this private placement will be subject to a four-month hold period in accordance with applicable Canadian Securities Laws.
Closing of the first tranche of the private placement was announced by news release dated March 6, 2012. The first and second tranches combined raised gross proceeds of $1,467,500 through the sale of a total of 5,870,000 units at a price of $0.25 per unit.
In connection with the closing of the second tranche, a finder’s fee of 94,800 units has been paid.
The proceeds of the financing will be used for the continuing development of Oroco’s Cerro Prieto Project in Sonora State, Mexico and for general working capital.
For further information, please contact:
Mr. Craig Dalziel, President and CEO
Oroco Resource Corp.