NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, Canada, Feb. 24, 2025 (GLOBE NEWSWIRE) — Oroco Resource Corp. (TSX-V: OCO, OTC: ORRCF) (“Oroco” or the “Company”) is pleased to announce that, further to its news release dated February 12, 2025, it has received $2,303,555.75 in gross proceeds for its oversubscribed private placement of 9,214,223 units of the Company (the “Units”) at a price of $0.25 per Unit (the “Offering”). Each Unit is comprised of one common share in the capital of the Company (a “Common Share”) and one Common Share purchase warrant (a “Warrant”). Each Warrant entitles the holder to purchase one Common Share at an exercise price of $0.40 for 24 months following the closing date of the Offering. The Offering is subject to the approval of the TSX Venture Exchange.
The Company intends to use the proceeds from the Offering for the advancement of the Santo Tomás Project located in Sinaloa State, Mexico, as well as working capital, corporate marketing and other general corporate purposes.
The Company may pay finders fees to certain arm’s-length finders in connection with the Offering. All securities issued pursuant to the Offering will be subject to a 4-month hold period in accordance with applicable securities laws.
The securities offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons in the absence of U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.
ABOUT OROCO
The Company holds a net 85.5% interest in those central concessions that comprise 1,173 hectares “the Core Concessions” of The Santo Tomas Project, located in northwestern Mexico. The Company also holds an 80% interest in an additional 7,861 hectares of mineral concessions surrounding and adjacent to the Core Concessions (for a total Project area of 9,034 hectares, or 22,324 acres). The Project is situated within the Santo Tomas District, which extends up to the Jinchuan Group’s Bahuerachi Project, approximately 14 km to the northeast. The Project hosts significant copper porphyry mineralization initially defined by prior exploration spanning the period from 1968 to 1994. During that time, the Project area was tested by over 100 diamond and reverse circulation drill holes, totaling approximately 30,000 meters. Commencing in 2021, Oroco conducted a drill program (Phase 1) at Santo Tomas, with a resulting total of 48,481 meters drilled in 76 diamond drill holes.
The drilling and subsequent resource estimates and engineering studies led to a revised MRE and an updated PEA being published and filed in August of 2024, which studies are available at the Company’s website www.orocoresourcecorp.com and by reviewing the Company profile on SEDAR+ at www.sedarplus.ca..
The Santo Tomas Project is located within 170 km of the Pacific deep-water port at Topolobampo and is serviced via highway and proximal rail (and parallel corridors of trunk grid power lines and natural gas) through the city of Los Mochis to the northern city of Choix. The property is reached, in part, by a 32 km access road originally built to service Goldcorp’s El Sauzal Mine in Chihuahua State.
Additional information about Oroco can be found on its website and by reviewing its profile on SEDAR+ at www.sedarplus.ca.
For more information, please contact:
Craig Dalziel, Chairman
Oroco Resource Corp.
Tel: 604-688-6200
Email: info@orocoresourcecorp.com
www.orocoresourcecorp.com
Neither TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This news release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact included herein, including, without limitation, statements relating to future events or achievements of the Company, and the use of funds from the Offering, are forward-looking statements. There is no assurance that the proceeds of the Offering will be expended as contemplated. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these matters. Oroco does not assume any obligation to update the forward-looking statements should they change, except as required by law.
CONTACT: Christy Fabros Oroco Resource Corp. (604) 688-6200 info@orocoresourcecorp.com
