Oroco Resource Corp. Raises $4.4 Million Through Initial Public Offering


March 12, 2008

Oroco Resource Corp. (the “Company”) is pleased to announce that on March 12, 2008, it successfully completed its initial public offering (the “Offering”) by way of Prospectus dated effective February 14, 2008.  

The Company issued a total of 8,000,000 units at a price of $0.55 per unit for gross proceeds of $4,400,000.  Each unit is comprised of one common share and one-half of one transferable share purchase warrant.  Each whole warrant entitles the holder to acquire one additional common share of the Company upon payment of the exercise price of $0.90 for 18 months after the closing of the Offering (the “Closing Date”).

PI Financial Corp. (“PI”) acted as agent in connection with the Offering.  In consideration for its services, PI received a commission equal to 8% of the gross proceeds raised under the Offering.  PI elected to receive a portion of the cash commission and corporate finance fee in the form of 203,520 agent’s units valued at $0.55 per unit.  Each agent’s unit is comprised of one common share and one-half of one non-transferable share purchase warrant.  Each whole warrant entitles the holder to purchase one additional common share of the Company at a price of $0.90 for 18 months after the Closing Date.  In addition, the Company issued 800,000 compensation options to PI.  Each compensation option entitles the holder to purchase one common share of the Company at a price of $0.55 for 18 months after the Closing Date.

Proceeds from the Offering will be used to advance the Company’s mineral exploration properties in Mexico, particularly the Cerro Prieto project, and for general working capital purposes.

On March 18, 2008, the Company’s common shares will commence trading on the TSX Venture Exchange under the trading symbol “OCO”.  Concurrently, the 4,000,000 warrants issued to purchasers under the Offering will commence trading under the symbol “OCO.WT”.

Oroco is a Canadian mineral exploration company which holds a 100% interest in six mineral concessions in Mexico. The company’s primary focus is the Cerro Prieto project, a historic polymetallic deposit in Sonora, Mexico and the nearby 2,508 hectare Cerro Prieto North concession.  In addition Oroco holds two mining concessions in Guerrero, Mexico totaling 193 hectares and together called the Xochipala project.

Stephen Leahy
President and Chief Executive Officer

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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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