Arco Closes Non-Brokered Financing
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/04/10 -- Arco Resources Corp. (TSX VENTURE: ARR) ('Arco' or the 'Company') is pleased to announce that it has closed its non-brokered private placement announced on June 21, 2010 consisting of 5,500,000 units at a price of $0.06 per unit for gross proceeds of $330,000. The units each 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.
All securities issued with respect to this placement are subject to a four month hold period expiring on December 4, 2010, in accordance with the policies of the TSX Venture Exchange (the 'Exchange') and the provisions of the Securities Act (British Columbia).
Arco had agreed to 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. In connection with the closing of this placement, Arco has agreed to pay a total of $33,000 in cash.
The proceeds of the private placement will be used to fund the drilling programs at Arco's Predilecta and Taviche projects located in Oaxaca, Mexico, and for general working capital.
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
604 662 3904 (FAX)
ian@arcoresources.com
www.arcoresources.com