Fresh news with regards to capital infusion into a company almost always brings it into focus among investors, and this morning the Oroco Resource Corp (OTC: ORRCF) stock may well be worth tracking. The company hit the news cycle yesterday after it made an announcement about the gross proceeds from a private placement.
Gross Proceeds Figure
In the news release from the company yesterday, it was revealed that Oroco Resource Corp. received as much as $2,303,555.75 in the form of gross proceeds from its private placement. The private placement in question had been oversubscribed, and the company had offered 9,214,223 units for the price of $0.25 each.
Key Details
It was also noted that each unit was made up of one common share in the company’s capital and one common share purchase warrant. The holder of one warrant would be able to pick up a common share for $0.40 up until 24 months from the closing date of the offering.
Oroco Resource Corp also announced that it planned to use the proceeds from the offering to advance the development of its Santo Tomas Project located in Sinaloa State in Mexico. Other than that, the funds will also be used for working capital purposes.
