Orocan Resource Corp.
TSX VENTURE : OR.P

Orocan Resource Corp.

March 22, 2010 16:37 ET

Orocan Announces Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 22, 2010) - Orocan Resource Corp. (the "Company) (TSX VENTURE:OR.P) is pleased to announce a non-brokered private placement of up to 4,000,000 units at a price of $0.25 per unit, for aggregate gross proceeds of up to CDN$1,000,000. Each unit will consist of one common share and one half-warrant, exercisable by the holder to acquire one additional common share at a price of $0.40 for 24 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 two year expiry date and 30 days from the date the Company advises the placees of the accelerated expiry. The securities issued will be subject to a hold period of 4-months from closing and may be subject to additional escrow requirements as required by the TSX Venture Exchange.

The net proceeds from this private placement will be allocated for the Qualifying transaction announced March 03, 2010 and general working capital purposes. Commissions or finder's fees may be paid to qualified entities up to the rates allowed by the TSX Venture Exchange. The proposed financing is subject to the approval of the TSX Venture Exchange.

ON BEHALF OF THE BOARD 

Chris Bogart, Director

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.

Contact Information