By Sheri Kasprzak
New York, March 6 - Oro Gold Resources Ltd. said it plans to raise C$2.16 million in a private placement.
The offering includes 3 million units at C$0.72 apiece.
The units consist of one share and one half-share warrant. Each whole warrant is exercisable at C$1.00 each for the first year and at C$1.25 for the second year.
Haywood Securities Inc. is the placement agent.
Proceeds will be used for exploration on the company's Rosario gold-silver mining district properties in Mexico. The rest will be used for working capital.
Vancouver, B.C.-based Oro is a gold exploration company.
| Issuer: | Oro Gold Resources Ltd.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$2.16 million
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| Units: | 3 million
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| Price: | C$0.72
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$1.00 for the first year, C$1.25 for the second year
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| Placement agent: | Haywood Securities Inc.
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| Pricing date: | March 6
|
| Stock symbol: | TSX Venture: OGR
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| Stock price: | C$0.85 at close March 3
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