By Devika Patel
Knoxville, Tenn., Dec. 4 - Oroco Resource Corp. said it has settled the second and final tranche of a non-brokered private placement of units for C$287,888. The deal priced for C$1.35 million on Nov. 16 and was increased to C$1.58 million on Nov. 19, when the company raised C$1.29 million in the first tranche.
The company sold 5,720,500 units at C$0.225 per unit in the first tranche. It sold 1,279,500 units in the second tranche.
Each unit consists of one common share and one half-share warrant. Each whole warrant will be exercisable at C$0.30 for 18 months.
Proceeds will be used for development and general working capital.
Vancouver, B.C.-based Oroco Resource explores mineral properties in Mexico.
| Issuer: | Oroco Resource Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1,575,000
|
| Units: | 7 million
|
| Price: | C$0.225
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.30
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 16
|
| Upsized: | Nov. 19
|
| Settlement date: | Nov. 19 (for C$1,287,113), Dec. 4 (for C$287,888)
|
| Stock symbol: | TSX Venture: OCO
|
| Stock price: | C$0.21 at close Nov. 13
|
| Market capitalization: | C$9.42 million
|
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