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Oroco Enters Into Term Sheet for Funding
Published : November 19, 2012
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Keywords :   Default | Global | Gold | Oroco | Reliance |

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 19, 2012) - Oroco Resource Corp. (News - Market indicators) (FRANKFURT:OR6) ("Oroco" or "the Company") announces that it has entered into a Term Sheet with Waterton Global Value L.P. ("Waterton") whereby Waterton has committed to provide a secured $5 million convertible debt facility to Oroco (the "Facility").

Pursuant to the Term Sheet, the Facility will have a term of two years and a coupon rate of 10% per annum. The Facility amount will be convertible into shares of the Company at a deemed price of $0.25 per share. If the Company pre-pays the Facility amount in whole or in part prior to its maturity date, the amount of pre-payment will be 115% of the Facility amount being pre-paid, which would increase to 130% if the Company were to lose the current amparo petitions with regard to the Xochipala property (see news release of October 22, 2012). Waterton may call for repayment of the Facility in the event there is a change of control of the Company. If the Facility is pre-paid before its maturity date or there is a change in the Company's ownership or interest in the Celia Gene and Celia Generosa concessions (the "Xochipala Concessions") other than as a result of the current amparo, the Company shall transfer a 12.5% interest in the Xochipala Concessions to Waterton and grant it an option to earn a further 10% interest by funding $1,250,000 in exploration expenditures on the Xochipala Concessions. The Facility is subject to completion of legal documentation, receipt of regulatory approvals, including that of the TSX Venture, and standard material adverse change exceptions.

The Company will use the Facility to repay all amounts due pursuant to the convertible debentures issued by the Company in May, 2012 (the "Debentures"). The Company has received notices of default from the Debenture holders for failure to pay interest and a break fee which resulted from the Company not proceeding with the related gold prepayment agreement. The Debentures, in the aggregate principal amount of $3.75 million, are therefore now due and payable. The balance of the proceeds of the Facility will be used to pay costs and fees associated with the Facility and for general working capital purposes.

The Company also announces that it intends to complete a non-brokered private placement (the "Private Placement") of up to 5,000,000 units at a price of $0.20 per unit to raise gross proceeds of up to $1,000,000. Each unit consists of one common share and one half of one common share purchase warrant. Each whole share purchase warrant will be exercisable into one additional common share for a period of 18 months at a price of $0.35 per share. The private placement, which is intended to provide interim working capital for the Company, is subject to the acceptance of the TSX Venture Exchange. The Company's previously announced private placement has been canceled and the Company will be contacting subscribers in order to determine whether they will be participating in the current private placement.

This news release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company's actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: the availability of funds; the timing and content of work programs; results of exploration activities and development of mineral properties, the interpretation of drilling results and other geological data, the uncertainties of resource and reserve estimations, receipt and security of mineral property titles; project cost overruns or unanticipated costs and expenses, fluctuations in metal prices; currency fluctuations; and general market and industry conditions.

Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

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.

Oroco Resource Corp.
Mr. Craig Dalziel
President and CEO
604-688-6200
www.orocoresourcecorp.com
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Oroco Resources

EXPLORATION STAGE
CODE : OCO.V
ISIN : CA6870331007
CUSIP : 687033 10 0
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In the News and Medias of Oroco Resources
3/10/2010TSX-bound Orocobre predicts consolidation, attrition in lith...
3/9/2010Lithium developer Orocobre plans Toronto listing
Annual reports of Oroco Resources
2007 Annual Report
Financings of Oroco Resources
2/5/2013CLOSES $1 MILLION NON-BROKERED PRIVATE PLACEMENT
12/14/2012Closes First Tranche of Non-Brokered Private Placement
9/11/2012Applies to Extend Term of Warrants
6/9/2011Announces Exercise of Warrants
3/1/2011 Announces Private Placement
5/25/2009RESOURCE CORP. ANNOUNCES PRIVATE PLACEMENT
Nominations of Oroco Resources
4/27/2010Appointment of Chief Consulting Engineer
Project news of Oroco Resources
1/27/2014(Cerro Prieto)REPORTS INITIAL PRODUCTION AT CERRO PRIETO
10/22/2012(Xochipala)Resource Corp.: Xochipala Amparo Filed
9/21/2012(Xochipala)Announces Commencement of Exploration at its Xochipala Proje...
5/14/2012(Cerro Prieto)REPORTS ON SOUTH EXTENSION DRILLING AT CERRO PRIETO
4/20/2012(Cerro Prieto)ANNOUNCES CERRO PRIETO DRILL RESULTS
1/17/2012(Cerro Prieto)ADDS TO CERRO PRIETO PROJECT
12/8/2011ANNOUNCES START OF DRILLING PROGRAMOROCO ANNOUNCES START OF ...
5/18/2011(Cerro Prieto)Secures Surface Rights for Cerro Prieto Project
12/19/2010(Cerro Prieto)Oroco Resource Corp. Announces Positive Preliminary Economic...
12/15/2010Resource Corp Announces Positive Preliminary Economic Assess...
1/12/2010(Cerro Prieto)Multiple High Grade Gold Drill Intercepts at Cerro Prieto.
9/30/2009(Cerro Prieto)New and Updated Drill Intercepts
9/17/2009(Cerro Prieto)Second Phase Drilling Verifies 2.0 Kilometer Mineralized Str...
8/11/2009(Cerro Prieto)High Grade Gold Sampled on Additional 900 Meter Strike Lengt...
7/21/2009(Cerro Prieto)Commences Phase Two Drilling at Cerro Prieto
5/14/2009(Cerro Prieto)Signs Property Option Agreement With Yamana Gold
5/11/2009(Cerro Prieto)RESTATES RESOURCE ESTIMATE ON CERRO PRIETO PROJECT AND RELEA...
1/27/2009(Cerro Prieto)REPORTS A 25.3 MILLION TONNE INDICATED RESOURCE AND 4.69 MI...
11/28/2008(Cerro Prieto)SURFACE SAMPLING EXTENDS MINERALIZED ZONE AT CERRO PRIETO AL...
10/8/2008(Cerro Prieto)INTERSECTS 18.50 G/T OF GOLD OVER 2.0 METERS
9/18/2008(Cerro Prieto)COPPER AND MOLYBDENUM IN ADDITION TO AU-AG-PB-ZN MINERALIZAT...
6/16/2008(Cerro Prieto)Intersects 0.214 g/t Au, 361.8 g/t Ag, 2.40% Pb And 4.76% Zn...
5/21/2008(Cerro Prieto)Initial Drill Holes Intersect Mineralized Structure at Cerro...
4/30/2008(Cerro Prieto)ANNOUNCES FIRST SAMPLING RESULTS FROM CERRO PRIETO NORTH PRO...
Corporate news of Oroco Resources
2/7/2014(Xochipala)WINS XOCHIPALA APPEAL
9/3/2013(Cerro Prieto)Announces Completion of the Sale of Cerro Prieto
8/16/2013(Cerro Prieto)and Goldgroup Extend the Closing Date for the Cerro Prieto T...
7/16/2013(Cerro Prieto)and Goldgroup Agree to an Extension of the Closing Date for ...
6/29/2013Receives Demand for Payment
6/25/2013(Cerro Prieto)Obtains Approval for Sale of Cerro Prieto to Goldgroup
6/4/2013Resource Corp.: Amparo Decision Handed Down
4/29/2013Announces Special General Meeting Date
4/10/2013(Cerro Prieto)and Goldgroup Sign Formal Sale Agreement for Cerro Prieto
2/22/2013Resource Corp.: Court Holds "Constitutional Hearing" in Ampa...
1/28/2013(Cerro Prieto)SIGNS AGREEMENT TO SELL CERRO PRIETO FOR US $18 MILLION
1/28/2013(Cerro Prieto)Signs Agreement to Sell Cerro Prieto
12/22/2012Resource Corp. Announces Closing of Private Placement
11/19/2012Enters Into Term Sheet for Funding
11/9/2012(Xochipala)Increases Strike Length at Xochipala
6/27/2011(Cerro Prieto)Signs Definitive Cerro Prieto Surface Rights Agreement
6/17/2011(Cerro Prieto)Signs Indicative Term Sheet for Cerro Prieto Construction Fi...
3/15/2011Resource Corp. Announces Closing of Private Placement
3/7/2011Extends Mineralized Zone at Cerro Proeto
10/6/2009Initiation Of Phase Two Metallurgical Tests
6/25/2009Resource Compressed Timeline to Production
6/4/2009Invite for dissemination
5/13/2009General research GMBH to provide european investor...
3/8/2009ANDERSON FINANCIAL MARKETING to provide investor relations ...
11/4/2008Announces Senior Management Assignments
10/31/2008ANNOUNCES FINAL DRILL RESULTS FROM PHASE ONE EXPLORATION PRO...
10/2/2008RESOURCE CORP. ADOPTS SHAREHOLDER RIGHTS PLAN
9/9/2008Announces 425 Meter Stepout to Mineralized Zone
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