Arco Announces Financing for 2,075 Metre Drill Program in Oaxaca
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/21/10 -- Arco Resources Corp. (TSX VENTURE: ARR) ('Arco' or the 'Company') is pleased to announce it will conduct a non-brokered private placement of up to 10,000,000 units for gross proceeds of up to $600,000, subject to the approval of the TSX Venture Exchange (the 'Exchange').
Each Unit will be priced at $0.06 and will consist of one common share and one non-transferable share purchase warrant (the 'Warrants') exercisable for an additional common share at a price of $0.10 for two years from the date of issue. Arco will pay qualified parties a finder's fee in cash equal to 10% of the total proceeds invested by subscribers introduced to Arco by such parties, subject to the approval of the Exchange.
The proceeds of the private placement will be used specifically to fund drilling programs at Arco's Predilecta and Taviche properties in Oaxaca, Mexico. The program is slated to begin at the Predilecta property on July 6, 2010 with 10 holes to be drilled for a total of 625 metres. Upon completion of that program, the drillers will move to the Taviche property to begin a planned 14-hole, 1,450 metre program. Arco has contracted for the preparation of the drill sites at both properties.
About Arco Resources
Arco holds a 100% interest in seven mineral claim blocks, all located in the State of Oaxaca, Mexico. The Company has begun to focus its efforts on its Taviche and Predilecta claim blocks, each of which has had historical production of gold and silver. The Company currently has agreements in principle to option 100% interests in its Lachiguiri, Silacayoapan and Nino Perdido Property (to Silex Ventures Ltd.) and in its Tres Hermanas Property (to Zodiac Capital Ltd.).
On behalf of the Board of Directors of Arco Resources Corp.
Warren McIntyre, President and Chief Executive Officer
Arco Resources Corp.
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.
Contacts:
Arco Resources Corp.
Ian Tootill
Director of Investor Relations
604-639-2866 ext 110
ian@arcoresources.com
www.arcoresources.com