OROCO ANNOUNCES PRIVATE PLACEMENT
VANCOUVER, British Columbia – (September 21, 2012) Oroco Resource Corp. (TSX-V: OCO) (“Oroco” or “the Company”) is pleased to announce that it intends to complete a non-brokered private placement (the “Private Placement”) of up to 10,000,000 units at a price of $0.25 cents per unit to raise gross proceeds of up to $2,500,000. Each unit will consist 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 18 months at a price of $0.40 per share. The private placement is subject to the acceptance of the TSX Venture Exchange.
The proceeds of the private placement will be used for exploration at its Xochipala Project in Guerrero State, Mexico; for continuing development of its Cerro Prieto Project in Sonora State, Mexico; and for general working capital.
The Company also announces that it has granted 250,000 options to a consultant to the Company at an exercise price of $0.275 per share. The grant of options is subject to the approval of the TSX Venture Exchange.
For further information, please contact:
Mr. Craig Dalziel, President and CEO
Oroco Resource Corp.