VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 5, 2013) - Oroco Resource Corp. (TSX VENTURE:OCO)(FRANKFURT:OR6) ("Oroco" or "the Company") announces that pursuant to the terms of its agreement with Goldgroup Mining Inc. ("Goldgroup"), announced by news release dated January 28, 2013, Goldgroup has now completed a subscription for five million units of Oroco at $0.20 per unit through a non-brokered private placement. Each unit consists of one common share and one common share purchase warrant, with each warrant entitling Goldgroup to purchase one common share of Oroco for $0.25 for a period of two years from the date of closing of the private placement. Proceeds of the private placement are CAD $1,000,000.
In accordance with applicable Canadian Securities Laws, the securities issued in connection with this private placement will be subject to a four-month hold period, which will expire on June 5, 2013.
The proceeds of the financing will be used for general working capital.
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.