AGORACOM News Flash

AGORACOM WIRE - FRIDAY MAY 25TH, 2012

FOCUS METALS (TSXV:FMS) Changes Its Name to Focus Graphite Inc.

Aim to develop and manufacture the best technology graphite in the world
Additional shareholder value will come from investment in commercialized graphene through joint venture partner, Grafoid Inc.

Read More | *SPONSOR

INTERNATIONAL PBX VENTURES (TSX:PBX) Signs Copaquire Joint Venture Option Agreement - $90M Potential Payment Read More

AGORACOM Maintenance Alert: Friday Evening Downtime for About an Hour Read More

LOMIKO METALS (TSXV:LMR) Graphite and Zinc Price Outlook is Favourable Through 2013 Read More | *SPONSOR

Close

Message: Announces Private Placement

Reply New Message

« Prev Message Back To Forum Go to Threaded View Next Message »

Clavis

Rank: [?]

President

Points: [?]

23987

Rating: [?]

Votes: 222 Score: 3.5

Currently 3.6/5 Stars.

Your Vote:

Please Log In to Vote

Did you know? You can earn activity points by filling your profile with information about yourself (what city you live in, your favorite team, blogs etc.

Announces Private Placement

posted on May 25, 09 04:48AM

May 25, 2009

Oroco Resource Corp. Announces Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 25, 2009) - Oroco Resource Corp. (TSX VENTURE:OCO) ("Oroco" or "the Company") is pleased to announce that it intends to complete a non-brokered private placement (the "Private Placement") of up to 8,000,000 units at a price of $0.15 per unit to raise gross proceeds of $1,200,000. Each unit will consist of one common share and one common share purchase warrant. Each share purchase warrant will be exercisable into one additional common share for a period of 12 months at a price of $0.35 per share. The warrants will be subject to an accelerated exercise provision if the share price of the Company trades at or above $0.50 for 10 or more trading days.

In connection with the Private Placement, the Company will pay to Axemen Resource Capital, a limited market dealer, and other eligible finders, a cash finders fee of up to 6% of the gross proceeds of the Private Placement or a portion thereof and it will grant common share purchase warrants of up to 7% of the number of units issued in the Private Placement. The cash finder's fee may be taken in units in addition to the 8,000,000 units issued in the Private Placement. Each such finder's fee unit will consist of one common share and one common share purchase warrant. Each of these share purchase warrants will be exercisable at a price of $0.40 per share, but will otherwise have the same terms as the Private Placement unit warrants.

The proceeds of the Private Placement will be used for the second phase drill program on the Company's Cerro Prieto project in Sonora, Mexico and for general working capital. The Private Placement is subject to TSX Venture Exchange approval.

Oroco is a Canadian based mineral exploration company with primary focus on the accelerated development of the gold bearing zones of its Cerro Prieto project, a polymetallic (Au-Ag-Pb-Zn) project in Sonora State, Mexico.

The Cerro Prieto project consists of the 100% owned, 2,723 total ha, San Felix, San Francisco and Cerro Prieto concessions and 4,120 ha of the connecting Argonauta 5 Fraccion 1 concession to which the Company holds an option to purchase (see May 14, 2009 news release). During the first field season in 2008, the Company drilled 5,975 metres of core and tabled a NI 43-101 compliant resource estimate and the results of a preliminary metallurgical study (See May 11, 2009 news release). The Company is moving the Cerro Prieto project forward with the rapid development of mineral resources, further metallurgy studies and the development of a preliminary assessment by an independent mining engineering services firm.

Reply New Message

« Prev Message Back To Forum Go to Threaded View Next Message »