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Canadian News
Oroco Resource Plans To Increase Size Of Non-brokered Private Placement To 7 Mln Units - Quick Facts
11/19/2009 6:51 AM ET
(RTTNews) -
Oroco Resource Corp. (OCO.V: News ) said it intends to increase the size of the non-brokered private placement of $0.225 units announced November 13, 2009 from 6 million units - 7 million units, thereby increasing the funds raised from $1.35 million to $1.57 million.
The company also announced that it has closed the first tranche of 5.72 million units of the private placement at a price of $0.225 per unit to raise gross proceeds of $1.29 million. Each unit consists of 1 common share and one-half of one non-transferable common share purchase warrant. Each whole warrant is exercisable into 1 additional common share for a period of 18 months at a price of $0.30 per share.
All securities issued in this financing will be subject to a hold period which for this tranche will expire on March 18, 2010. The private placement proceeds will be used for Oroco's Phase 2 exploration program and general working capital.
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by RTT Staff Writer
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