Non-brokered deal offers units with half-share warrants at C$0.25 each
By Devika Patel
Knoxville, Tenn., Nov. 8 - Oroco Resource Corp. said it has arranged a C$1 million non-brokered private placement of units.
The company will sell 4 million units of one common share and one half-share warrant at C$0.25 per unit.
Each whole warrant will be exercisable at C$0.40 for 18 months. The strike price is a 48.15% premium to C$0.27, the Nov. 7 closing share price.
Proceeds will be used for development of Oroco's Cerro Prieto project and for general working capital.
Vancouver, B.C.-based Oroco Resource explores for gold and silver.
| Issuer: | Oroco Resource Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1 million
|
| Units: | 4 million
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.40
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 8
|
| Stock symbol: | TSX Venture: OCO
|
| Stock price: | C$0.27 at close Nov. 7
|
| Market capitalization: | C$16.05 million
|
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