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     290  0 Kommentare OROCO ANNOUNCES PRIVATE PLACEMENT FUNDING

    Vancouver, Canada, Sept. 15, 2020 (GLOBE NEWSWIRE) -- Oroco Resource Corp. (TSX-V: OCO) (“Oroco” or “the Company”) is pleased to announce that it has closed a non-brokered private placement of 12,100,000 units at a price of $0.60 per unit, for gross proceeds of $7,260,000 (the “Financing”).  Each unit consists of one common share and one-half of one common share purchase warrant.  Each whole share purchase warrant will be exercisable into one additional common share for a period of 24 months from closing at a price of $0.90 per share. The exercise period for the share purchase warrants may be accelerated to 30 days if, at any time after the first 6 months of the warrant exercise period, the volume-weighted trading average of the Company’s shares exceeds $1.50 over a period of 20 consecutive trading days.

    “There is no question that this financing provides a transformative opportunity for Oroco and the Santo Tomas Project,” said Craig Dalziel, Oroco’s CEO.  “With the Company’s 3D IP program now underway and that program’s funding already in hand, Oroco is now in position to undertake its full Phase I Definition drill program which is intended to confirm certain historical drilling data.  Thereafter, Oroco expects to initiate selective step-out drill targeting, with the overall objective being resource expansion and studies to demonstrate project viability.”

    The proceeds of the Financing will be used to generally advance the Santo Tomas Project, including the acquisition of surface rights and permits, site preparation for a Definition drill program focussed within the central area of the project’s North Zone, Phase 1.1 of the Definition drill program, certain infill and step-out drilling relating to the Definition drill program, and general corporate purposes.  In addition, certain contingent legal and data acquisition costs relating to the acquisition of the core Santo Tomas concessions are to be paid.

    Pursuant to the policies of the TSX Venture Exchange, all shares issued by way of this Financing, and any shares issued pursuant to the exercise of the share purchase warrants, are subject to a hold period expiring January 15, 2021.  The Financing is subject to TSX Venture Exchange approval.

    Finder’s fees of $6,000 are to be paid to Pertinax Capital BVBA and 575,000 finder’s fee warrants issued to Mariusz Skonieczny in connection with the Financing.  Each finder’s fee warrant will entitle the holder to purchase one common share of the Company for a period of 24 months from closing at a price of $0.60 per share.  The exercise period for the finder’s fee warrants may be accelerated to 30 days if, at any time after the first 6 months of the warrant exercise period, the volume-weighted trading average of the Company’s shares exceeds $1.50 over a period of 20 consecutive trading days.

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    OROCO ANNOUNCES PRIVATE PLACEMENT FUNDING Vancouver, Canada, Sept. 15, 2020 (GLOBE NEWSWIRE) - Oroco Resource Corp. (TSX-V: OCO) (“Oroco” or “the Company”) is pleased to announce that it has closed a non-brokered private placement of 12,100,000 units at a price of $0.60 per unit, for …