Oroco completes placement, raises C$2.7M

South Zone Panorama (VRIFY) Oroco Resource Corp  (OCO.V) has now…

Santo Tomas
South Zone Panorama (VRIFY)

Oroco Resource Corp  (OCO.V) has now completed the previously announced placement. The company initially wanted to raise C$2.5M but was ultimately able to raise C$2.7M by issuing 6.7 million units at C$0.40 per unit. Each unit consisted of one common share and one full warrant allowing the warrant holder to acquire an additional share at C$0.65 within eighteen months after the closing date of the financing.

Management and directors invested C$308,000 to purchase 770,000 units, which is encouraging to see. The proceeds will help to strengthen the balance sheet as the most recent financial statements indicated a working capital deficit of in excess of C$1M at the end of September.

Disclosure: The author has a long position in Oroco Resource Corp. Please read the disclaimer.

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