VANCOUVER, BRITISH COLUMBIA--(Marketwire -03/06/12)- Oroco Resource Corp. (TSX-V: OCO.V - News) ("Oroco" or "the Company") today announces it has closed the first tranche of a non-brokered private placement financing (the "Financing") it previously announced by news release dated February 27, 2012, and amended March 2, 2012. The Company has raised gross proceeds of $820,000 in this first tranche closing through the sale of a total of 3,280,000 units at a price of $0.25 per unit. 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 18 months at a price of $0.40 per share. The securities issued in connection with this private placement will be subject to a four-month hold period in accordance with applicable Canadian Securities Laws.
In connection with the closing of the first tranche, a finder's fee of 27,000 units has been paid.
The proceeds of the financing will be used for the continuing development of Oroco's Cerro Prieto Project in Sonora State, Mexico and for general working capital.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Oroco Resource Corp.
Mr. Craig Dalziel
President and CEO