VANCOUVER, British Columbia – (August 28, 2015) Oroco Resource Corp. (TSX-V: OCO) (“Oroco” or “the Company“) announces that it has received 16,500,000 common shares (the “Goldgroup Shares“) of Goldgroup Mining Inc. (“Goldgroup“) in settlement of the US$4,125,000 promissory note (the “Note“) issued to the Company by Goldgroup pursuant to the terms of the Cerro Prieto property sale (see the Company’s news release dated September 3, 2013). Under the terms of the Note, Goldgroup was entitled to pay out the Note by issuing and delivering the Goldgroup Shares in lieu of the cash.
The Company now holds 20,125,000 shares of Goldgroup, representing 12.45% of Goldgroup’s issued and outstanding equity.
The Company holds two other promissory notes issued by Goldgroup (see the Company’s news release dated June 2, 2015), in the principal amounts of US$250,000 (payable on demand) and US$750,000 (due September 15, 2015). The Company has issued demand for payment of the US$250,000 note. Goldgroup has paid US$50,000, and is currently negotiating the payment of the balance.
For further information, please contact:
Mr. Craig Dalziel, President and CEO
Oroco Resource Corp.
Tel: 604-688-6200Neither 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.