Non-brokered deal sold units with half-share warrants at C$0.30 each
By Devika Patel
Knoxville, Tenn., March 15 - Oroco Resource Corp. said it completed a private placement of units. The non-brokered deal priced for C$1.06 million on March 1 and raised C$1.18 million.
The company sold 3,941,334 units of one common share and one half-share warrant at C$0.30 per unit.
Each whole warrant will be exercisable at C$0.45 for 18 months. The strike price is a 7.14% premium to C$0.42, the Feb. 28 closing share price.
Proceeds will be used to further the company's exploration projects, to fund possible new acquisitions and for 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$1,182,400
|
| Units: | 3,941,334
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.45
|
| Agent: | Non-brokered
|
| Pricing date: | March 1
|
| Settlement date: | March 15
|
| Stock symbol: | TSX Venture: OCO
|
| Stock price: | C$0.40 at close March 1
|
| Market capitalization: | C$13.42 million
|
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