VANCOUVER, British Columbia – (November 23, 2011) Oroco Resource Corp. (TSXV: OCO) (“Oroco” or “the Company”) is pleased to announce that it has closed a nonbrokered private placement (the “Private Placement”) of 4,772,000 units at a price of $0.25 per unit to raise gross proceeds of $1,193,000. Each unit consists of one common share and one-half of one nontransferable common share purchase warrant. Each whole share purchase warrant is exercisable for a period of eighteen months into one additional common share at a price of $0.40 per share.
All securities issued in this financing will be subject to a hold period which will expire on March 24, 2012. Proceeds of the Private Placement will be used by the Company for exploration drilling intended to extend the southern limits of the mineral resource at the Company’s Cerro Prieto Project in Sonora State, Mexico, as well as for expenditures related to the development of Cerro Prieto and general working capital. 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.