OROCO ANNOUNCES PRIVATE PLACEMENT FUNDING

Vancouver, Canada, Dec. 10, 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 12,900,000 units at a price of $1.20 per unit (each, a “Unit”), for gross proceeds of $15,480,000 (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 of Oroco for a period of 24 months from closing at a price of $1.60 per share.

“We are very pleased that the global investment community has provided such widespread and substantial support for Oroco and its Santo Tomas Project,” stated Craig Dalziel, Oroco’s CEO. “This funding will give Oroco the opportunity to more fully exploit the targets identified by its developing 3D IP model, which further de-risks the project and allows Oroco to generate a more thorough and detailed project profile for potential acquisitors.”

The proceeds of the Financing will be used to generally advance the Santo Tomas Project, including the environmental permits, expansion of the Company’s Definition drill program, which will include both additional infill and step-out drilling, preliminary engineering studies, and general corporate purposes. In addition, certain contingent legal 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 April 9, 2021. The Financing is subject to TSX Venture Exchange final approval.

In consideration for assistance in arranging the private placement, the Company is paying finder’s fees of $50,000 and 40,000 finder’s fee warrants to RFC Ambrian Limited; 38,400 Units and 10,000 finder’s fee warrants to Longford Capital Corp.; and 70,000 finder’s fee warrants to Mariusz Skonieczny. 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 $1.20 per share. All shares and finder’s fee warrants issued in relation to these finder’s fees are subject to a hold period expiring April 9, 2021