OROCO CLOSES $1 MILLION NON-BROKERED PRIVATE PLACEMENT
VANCOUVER, British Columbia – (February 5, 2013) Oroco Resource Corp. (TSX-V: OCO) (“Oroco” or “the Company”) announces that pursuant to the terms of its agreement with Goldgroup Mining Inc. (“Goldgroup”), announced by news release dated January 28, 2013, Goldgroup has now completed a subscription for five million units of Oroco at $0.20 per unit through a non-brokered private placement. Each unit consists of one common share and one common share purchase warrant, with each warrant entitling Goldgroup to purchase one common share of Oroco for CAD$0.25 for a period of two years from the date of closing of the private placement. Proceeds of the private placement are $1,000,000.
In accordance with applicable Canadian Securities Laws, the securities issued in connection with this private placement will be subject to a four-month hold period, which will expire on June 5, 2013.
The proceeds of the financing will be used for general working capital.
For further information, please contact:
Mr. Craig Dalziel, President and CEO
Oroco Resource Corp.