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Oroco Resource Corp. Announces Initial Closing Of Private Placement And Increase In The Number Of Units


November 19, 2009

VANCOUVER, British Columbia – (November 19, 2009) Oroco Resource Corp. (TSX-V: OCO) (“Oroco” or “the Company”) is pleased to announce that it intends to increase the size of the non-brokered private placement of $0.225 units (the “Private Placement”) announced November 13, 2009 from six million units to seven million units, thereby increasing the funds raised from $1,350,000 to $1,575,000.

The Company is also pleased to announce that it has closed the first tranche of 5,720,500 units of the Private Placement at a price of $0.225 per unit to raise gross proceeds of $1,287,112.50.  Each unit consists of one common share and one-half of one non-transferable common share purchase warrant.  Each whole warrant is exercisable into one additional common share for a period of eighteen months at a price of $0.30 per share.

In connection with this tranche of the Private Placement, the Company is paying cash finder’s fees of $7,425 to Canaccord Capital Corporation and $7,500 to Haywood Securities Inc., and issuing 176,700 finder’s fee units to Mark Vanry with each such unit being the same as those issued in the Private Placement.

All securities issued in this financing will be subject to a hold period which for this tranche will expire on March 18, 2010.

The proceeds of the Private Placement will be used for Oroco’s Phase Two exploration program and general working capital.

For further information, please contact: 
Mr. Craig Dalziel, President and CEO
Oroco Resource Corp.
Tel: 604-688-6200

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.

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These historical resource estimate models are based upon historical resource estimates prepared by John Thornton in 2011. While, in the opinion of Dane A. Bridge, author of the revised NI 43-101 standard technical report, Geology, Mineralization and Exploration of the Santo Tomas Cu-(Mo-Au-Ag) Porphyry Deposit, Sinaloa, Mexico dated April 21, 2020 (the “Report”), reliable estimation practices were used, in order to upgrade or verify the historical estimations, resampling and assay of historical drill samples, twinning of historical drill holes, and a new program of regularly spaced drilling is required. No qualified person has undertaken sufficient work to classify the current mineral resources or mineral reserves upon which these models are based and the Company is not treating the estimates as current estimates of the mineral resources. The Company gives no assurance that either these models or the historical resource estimates upon which they are based are accurate, and does not undertake any obligation to update the models or to release publicly any update or revisions of the resource estimates except as required by applicable securities law. The reader is cautioned not to rely upon these models or the historical resource estimates upon which they are based.

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