|By Marketwire .||
|December 21, 2012 10:10 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/22/12 -- Oroco Resource Corp. (TSX VENTURE:OCO)(FRANKFURT:OR6) ("Oroco" or "the Company") is pleased to announce that it has closed its non-brokered private placement (the "Private Placement") with a second tranche of 300,000 units at a price of $0.20 per unit for proceeds of $60,000. Each unit consists of one common share and one-half of one non-transferable common share purchase warrant. Each whole share purchase warrant is exercisable for a period of eighteen months into one additional common share at a price of $0.35 per share.
All securities issued in this tranche will be subject to a hold period which will expire on April 22, 2011. Proceeds of the Private Placement will be used by the Company for general working capital. There are no finder's fees being paid in association with this tranche of the Private Placement.
Further to its news release of November 19, 2012, the Company announces that the completion of the $5 million dollar convertible debt facility is pending the delivery of certain due diligence title documents from the Public Registry of Mining in Mexico with regard to the Company's mineral concessions. The Company expects to complete the transaction in January.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Oroco Resource Corp.
Mr. Craig Dalziel
President and CEO