Oroco Resource announces bought deal financing

Oroco Resource (ORRCF) entered into an agreement with Canaccord Genuity, as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters, pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 39,474,000 units of the Company at a price of C$0.38 per Unit for gross proceeds to the Company of approximately C$15M. Each Unit will be comprised of one common share of the Company and one-half of one common share purchase warrant. Each Warrant will entitle the holder to acquire one additional Common Share at an exercise price of C$0.53 for a period of 36 months from the closing date of the Offering. The Company has granted the Underwriters an over-allotment option to purchase up to an additional 5,921,100 of the Units sold pursuant to the Offering, on the same terms and conditions, exercisable in whole or in part for a period of 30 days following the closing of the Offering. If exercised in full, the Over-Allotment Offering will result in additional gross proceeds of up to approximately C$2.25M, for total gross proceeds of up to approximately C$17.25M. The Company intends to use the net proceeds from the Offering to fund commencement of Pre-Feasibility Study drilling at the Santo Tomas copper project, advance baseline environmental and permitting work, and for general corporate working capital. Closing of the Offering is expected to occur on or about January 14, or such other date as agreed between the Company and Canaccord Genuity, and is subject to customary closing conditions, including receipt of all required regulatory approvals, including approval of the TSX Venture Exchange