Oroco Resource Corp. (OCO.V) has announced its plans to raise up to C$6M in a best efforts brokered financing which will be freely tradeable right away as the company is using the Listed Issuer Financing Exemption.
The C$6M offering has been priced at C$0.45 per unit with each unit consisting of one common share and half a warrant. Each full warrant has an exercise price of C$0.65 and will remain valid for a period of two years after closing the financing. The proceeds of the financing will help the company fund its general working capital purposes and all expenses related to the updated Preliminary Economic Assessment, which should be ready in the next month or so. Last week, the company’s January financing, which was priced at C$0.40 per unit, became freely tradeable as well which may have put some pressure on the share price, leading up to the expiry of the 4 month hold period.
Disclosure: The author has a long position in Oroco and is participating in the current placement. Oroco is a sponsor of the website. Please read the disclaimer.
