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In a significant move to bolster its financial standing, Oroco Resource Corp. has announced the filing of a prospectus supplement related to its previously disclosed bought deal public offering. This initiative is expected to generate approximately C$20 million in gross proceeds, marking an important step in the company’s growth trajectory. The offering is designed to enhance the company’s capabilities in advancing its Santo Tomás copper project located in northwestern Mexico.
Details of the Offering
The prospectus supplement complements the company’s base shelf prospectus. Together, these documents outline the distribution of 52,631,600 units at a price of C$0.38 per unit. Each unit consists of one common share and one-half of a warrant. Holders of these warrants will have the right to purchase an additional common share at an exercise price of C$0.53 over a period of three years following the offering’s closing date.
Underwriting and Closing Timeline
A syndicate led by Canaccord Genuity Corp. will manage the offering. Importantly, the underwriters have been granted an option to buy up to an additional 7,894,740 units under the same terms, which can be exercised within 30 days after the closing of the offering. The anticipated date for closing is pending any necessary regulatory approvals, including those from the TSX Venture Exchange.
Accessing the Prospectus
Investors interested in the prospectus supplement and the accompanying documents can access them via SEDAR+. Both electronic and paper versions are available free of charge from Canaccord Genuity Corp., provided potential investors reach out with their contact details. The prospectus contains crucial information regarding the offering and the company’s financial health, making it essential reading for anyone considering investing.
Legal Considerations
It’s important to note that the securities being offered have not been registered under the U.S. Securities Act of 1933 and therefore cannot be offered or sold within the United States without proper registration or exemption. This announcement does not constitute an offer to sell or solicit an offer to buy these securities in any jurisdiction where such actions would be illegal.
About Oroco Resource Corp.
Oroco Resource Corp. holds an impressive 87.0% interest in the central concessions of the Santo Tomás Project, which spans 1,173 hectares. Additionally, the company possesses an 80% interest in 7,861 hectares of surrounding mineral concessions, resulting in a total project area of approximately 9,034 hectares. The project is strategically located near significant infrastructure, including highways and a deep-water port, making it advantageous for future development and operations.
Historical drilling activities have identified substantial copper porphyry mineralization in the area, with over 100 drill holes completed. Oroco has actively pursued further exploration, culminating in a total of 48,481 meters drilled across 76 diamond drill holes. Recent updated resource estimates and preliminary economic assessments were published, showcasing the project’s potential.
For additional insights or inquiries, stakeholders can visit the company’s official website or review its profile on SEDAR+ for the latest updates and reports.
Contact Information
For further information, interested parties can reach out to:
Craig Dalziel, Chairman
Oroco Resource Corp.
Tel: 604-688-6200
Email: info@orocoresourcecorp.com
Website: www.orocoresourcecorp.com
In conclusion, this public offering represents a pivotal moment for Oroco Resource Corp., as it seeks to fund critical developments in its operations. Investors are encouraged to carefully review the details provided in the prospectus to make informed decisions about their participation.
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