Non-brokered deal offers units with half-share warrants at C$0.20 each
By Devika Patel
Knoxville, Tenn., Dec. 14 - Oroco Resource Corp. said it raised C$654,250 in the initial tranche of a C$1 million non-brokered private placement of units on Thursday. The deal priced Nov. 19.
The company is selling 5 million units of one common share and one half-share warrant at C$0.20 per unit. It sold 3,271,250 units in the first tranche.
Each whole warrant will be exercisable at C$0.35 for 18 months. The strike price is a 66.67% premium to C$0.21, the Nov. 16 closing share price.
Proceeds will be used for expenses related to the company's Cerro Prieto project, the exploration program on the Xochipala project, the payment to Wexford Spectrum Trading Ltd. and Wexford Catalyst Trading Ltd. of break fees associated with the termination of certain gold presale agreements 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: | 5 million
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.35
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 19
|
| Settlement date: | Dec. 13 (for C$654,250)
|
| Stock symbol: | TSX Venture: OCO
|
| Stock price: | C$0.21 at close Nov. 16
|
| Market capitalization: | C$11.79 million
|
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