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On January 9, Oroco Resource Corp. (TSXV: OCO, OTCQB: ORRCF) announced a crucial step in its financial strategy. The company has filed a prospectus supplement for its previously disclosed public offering, known as a bought deal. This action is significant as Oroco aims to qualify the distribution of approximately 52,631,600 units at C$0.38 each, targeting gross proceeds of around C$20 million.
Details of the offering
The offering comprises units, each consisting of one common share and half of a common share purchase warrant. Holders of the warrants can acquire additional shares at an exercise price of C$0.53 over a period of 36 months from the closing date. This strategic offering is being managed by a syndicate of underwriters led by Canaccord Genuity Corp., which has also been granted an option to purchase up to an additional 7,894,740 units on similar terms.
The anticipated closing date for this offering is around January 14, pending necessary regulatory approvals from the TSX Venture Exchange.
Accessing the prospectus
Investors interested in the details of the offering can access the prospectus supplement and the base shelf prospectus via SEDAR+. This document provides essential information about the company and the offering. It is crucial for potential investors to review these materials thoroughly before making any investment decisions.
It is important to note that the securities offered in this transaction have not been registered under the U.S. Securities Act of 1933 and cannot be sold or offered in the United States without appropriate registration or exemption.
About Oroco Resource Corp.
Oroco Resource Corp. holds an impressive 87% interest in the core concessions of the Santo Tomas Project, covering 1,173 hectares in northwestern Mexico. The company also possesses an 80% stake in adjacent mineral concessions, expanding the total project area to 9,034 hectares, equivalent to approximately 22,324 acres.
Project developments
The Santo Tomas Project has a notable exploration history, with significant copper porphyry mineralization identified from 1968 to 1994. During this time, over 100 diamond drill holes were executed, totaling approximately 30,000 meters of drilling. Oroco launched its own drilling initiative, known as Phase 1, successfully completing 48,481 meters across 76 diamond drill holes.
The recent drilling efforts have led to updated resource estimates and engineering analyses. This work culminated in a revised mineral resource estimate (MRE) and an updated preliminary economic assessment (PEA) released in August. Interested parties can access these documents on the company’s website at www.orocoresourcecorp.com.
Geographical advantages
The Santo Tomas Project is strategically located 170 kilometers from the deep-water port at Topolobampo. Access is facilitated by highways and railroads, providing essential links to significant infrastructure. Key services, including power lines and natural gas corridors, enhance operational efficiency. Additionally, a 32-kilometer road originally built to support Goldcorp’s El Sauzal Mine further aids access to the property.
Oroco Resource Corp. has initiated a new offering, demonstrating its dedication to advancing projects and increasing shareholder value. Investors and interested parties should review the prospectus to explore the available investment opportunities.
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