Orocan Resource Corp. Announces Increase in Private Placement
23.12.2011 | Marketwire
VANCOUVER, Dec. 23, 2011 - Orocan Resource Corp. (TSX VENTURE: OR) (the "Company") is pleased to announce that due to investor demand it intends to increase the size of its previously announced non-brokered private placement financing (see the press releases December 12, 2011) from $1,000,000 to $1,500,000.The non-brokered private placement will now consist of up to 6,000,000 units at a price of $0.25 per unit (the "Unit") for aggregate gross proceeds of up to CDN $l, 500,000. Each Unit will consist of one common share and one non-transferable share purchase warrant. Each warrant (the "Warrant") will be exercisable by the holder to acquire one additional common share at a price of $0.40 for 18 months from Closing. The Warrants are subject to an accelerated expiry which comes into effect once the shares trade above a weighted average price of $0.60 for any twenty consecutive trading-day period, subsequent to four months from Closing. In the event of an accelerated expiry, the expiry date will be the earlier of the regular 18 month expiry date and 30 days from the date the Company advises the placees of the accelerated expiry.
The net proceeds from this private placement will be used for additional exploration of the Company's British Columbia, Quebec and Ontario properties. The proposed financing is subject to the approval of the TSX Venture Exchange (the "Exchange"). Finders' fees in cash or warrants may be payable in accordance with the policies of the Exchange.
ON BEHALF OF THE BOARD
Chris Bogart
President & CEO
Cautionary Statement:
The foregoing information may contain forward-looking statements relating to the future performance of Orocan Resource Corp. Forward-looking statements, specifically those concerned with future performance are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in Orocan Resource Corp.'s filings with the appropriate securities commissions.
Neither the 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.
NOT FOR DISTRIBUTION TO U.S NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Contact Information
Orocan Resource Corp.
Chris Bogart
604.683.2509
604.683.2506 (FAX)
info@orocanresource.com
www.orocanresource.com