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Cours Or & Argent
Oroco Announces Completion of the Sale of Cerro Prieto
Published : September 03, 2013
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Mots clés associés :   Dollar | G Mexico |

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 3, 2013) - Oroco Resource Corp. ("Oroco") (News - Market indicators)(FRANKFURT:OR6) is pleased to announce the closing of the sale to Goldgroup Mining Inc. ("Goldgroup") of a 100% interest in Oroco's Cerro Prieto Project (the "Transaction"), effected by way of the sale of the Company's wholly-owned Panamanian subsidiary, Minera Polimetalicos Mexicanos, S.A. and its Mexican subsidiary, Minas de Oroco Resources, SA de CV, the owner of the mineral concessions making up the Cerro Prieto property (the "Property").

Due primarily to the fall in the price of gold during 2013, Oroco and Goldgroup agreed to restructure the terms of the Transaction from those agreed to in January, 2013 (see the Company's news release dated January 28, 2013), resulting in an amended and restated debt assignment and share purchase agreement dated August 30, 2013 (the "Amended Agreement"). Pursuant to the terms of the Amended Agreement, the following occurred on closing:

1. Goldgroup made payment of (all currency amounts in US dollars):
   
  (i) $4,500,000 (of which $140,000 had previously been advanced);
     
  (ii) $63,172.76 in reimbursement of interest accrued on the Company's outstanding debentures since June 28, 2013;
     
  (iii) 5,500,000 common shares in the capital of Goldgroup, at Market Price;
     
  (iv) a promissory note (the "First Note") in the principal amount of $1,500,000 bearing 8% simple interest and payable in six equal monthly installments of $250,000 each, commencing on the later of either January 31, 2015 or the first day of the month following the date the Property achieves Commercial Production (with "Commercial Production" being any periods of production after 1,000 ounces of gold have been produced from the Property); and
     
  (v) a second promissory note (the "Second Note") in the principal amount of $4,125,000, bearing no interest. The principal amount of the Second Note will be repayable on the second anniversary of the Transaction closing date. Goldgroup may elect to pay the principal of the Second Note by issuing and delivering to Oroco 16,500,000 Goldgroup common shares in lieu of cash.
 
2. In addition, Goldgroup agreed to pay to Oroco a production royalty (the "Production Royalty") quarterly in arrears. The Production Royalty, payable for each month in which the monthly average of the daily PM London gold fix is in excess of $1,250 per ounce, is calculated at the rate of 20% of the dollar value of that excess for each ounce of gold Produced from the Property during that month, to a maximum royalty of $90 per ounce. This Production Royalty will be payable for each and every of the greater of:
   
  (i) the first 90,000 ounces of gold produced from the Property; or
     
  (ii) all ounces of gold produced from the Property until the completion of five full years of Commercial Production.
     
  Goldgroup also agreed to assume from Oroco all obligations with respect to the 2% (two percent) net smelter returns royalty payable pursuant to the terms and conditions of the Contract for the Sale and Purchase of Shares dated June 19, 2007 between Oroco and Ruben Rodriquez Villegas and Rosa Delia Salazar Parra.

In furtherance of closing the Transaction, the Company entered into a subordination agreement (the "Subordination Agreement) with Goldgroup and the agent for the holders of the Company's outstanding debentures, who are also the lenders to Goldgroup of the CDN$4.25 million dollar senior secured loan facility (the "Loan Facility) (see Goldgroup Mining Inc. news release of September 3, 2013). Pursuant to the Subordination Agreement, the Company will not accept any payment related to the First Note, the Second Note and the Production Royalty until after the Loan Facility has been repaid. However, if Goldgroup elects to pay the Second Note with 16,500,000 of its common shares in lieu of cash, the Company may accept those shares.

In support of the Transaction, the Company received an independent Fairness Opinion in which the Transaction was determined to be fair to the shareholders of the Company, from a financial point of view. The Company also received conditional approval from the TSX Venture Exchange (the "TSXV") to close the Transaction on the terms of the Amended Agreement, with final approval being subject to the provision to the TSXV of final documentation following closing.

Prior to the closing, the Company took an assignment of all of the Minas de Oroco Resources, S.A. de C.V. right to the refund of any value added tax paid in Mexico during the years 2008 through 2012, estimated to be approximately $500,000.

The Company is also pleased to announce that it has paid out in full its outstanding debentures in the aggregate amount of CDN$4,068,750.

Commenting on the Transaction, Oroco President Craig Dalziel stated: "We are extremely pleased that the Cerro Prieto Project was acquired by Goldgroup Mining Inc., as we see Goldgroup as the ideal purchaser for a project of this nature. Goldgroup has the recent experience of operating successfully in Sonora State at Cerro Colorado, and is in position to easily transition to Cerro Prieto. In addition, as a new Goldgroup shareholder, Oroco is confident that the Goldgroup senior management team is capable of adding significant value to Goldgroup's mining portfolio."

Mr. Dalziel added: "Important elements to the Transaction are that Oroco is able to eliminate its debenture debt and secure ongoing revenue, thereby placing the Company in much better position to focus on the Xochipala Project in Guerrero State, Mexico, a prospect which shares important characteristics with the known gold-bearing structures elsewhere in the Guerrero Gold Belt."

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

Oroco Resources Corp

EXPLORATEUR
CODE : OCO.V
ISIN : CA6870331007
CUSIP : 687033 10 0
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Oroco Resources est une société développant des projet miniers de zinc et de plomb basée au Canada.

Ses principaux projets en exploration sont XOCHIPALA et CERRO PRIETO au Mexique.

Oroco Resources est cotée au Canada. Sa capitalisation boursière aujourd'hui est 25,7 millions CA$ (19,0 millions US$, 17,0 millions €).

La valeur de son action a atteint son plus bas niveau récent le 01 janvier 2016 à 0,01 CA$, et son plus haut niveau récent le 25 juin 2021 à 3,66 CA$.

Oroco Resources possède 77 947 405 actions en circulation.

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Rapports annuels de Oroco Resources Corp
2007 Annual Report
Financements de Oroco Resources Corp
05/02/2013CLOSES $1 MILLION NON-BROKERED PRIVATE PLACEMENT
11/09/2012Applies to Extend Term of Warrants
09/06/2011Announces Exercise of Warrants
25/05/2009RESOURCE CORP. ANNOUNCES PRIVATE PLACEMENT
Nominations de Oroco Resources Corp
27/04/2010Appointment of Chief Consulting Engineer
Projets de Oroco Resources Corp
27/01/2014(Cerro Prieto)REPORTS INITIAL PRODUCTION AT CERRO PRIETO
22/10/2012(Xochipala)Resource Corp.: Xochipala Amparo Filed
21/09/2012(Xochipala)Announces Commencement of Exploration at its Xochipala Proje...
14/05/2012(Cerro Prieto)REPORTS ON SOUTH EXTENSION DRILLING AT CERRO PRIETO
20/04/2012(Cerro Prieto)ANNOUNCES CERRO PRIETO DRILL RESULTS
17/01/2012(Cerro Prieto)ADDS TO CERRO PRIETO PROJECT
08/12/2011ANNOUNCES START OF DRILLING PROGRAMOROCO ANNOUNCES START OF ...
18/05/2011(Cerro Prieto)Secures Surface Rights for Cerro Prieto Project
12/01/2010(Cerro Prieto)Multiple High Grade Gold Drill Intercepts at Cerro Prieto.
30/09/2009(Cerro Prieto)New and Updated Drill Intercepts
17/09/2009(Cerro Prieto)Second Phase Drilling Verifies 2.0 Kilometer Mineralized Str...
11/08/2009(Cerro Prieto)High Grade Gold Sampled on Additional 900 Meter Strike Lengt...
21/07/2009(Cerro Prieto)Commences Phase Two Drilling at Cerro Prieto
14/05/2009(Cerro Prieto)Signs Property Option Agreement With Yamana Gold
27/01/2009(Cerro Prieto)REPORTS A 25.3 MILLION TONNE INDICATED RESOURCE AND 4.69 MI...
28/11/2008(Cerro Prieto)SURFACE SAMPLING EXTENDS MINERALIZED ZONE AT CERRO PRIETO AL...
18/09/2008(Cerro Prieto)COPPER AND MOLYBDENUM IN ADDITION TO AU-AG-PB-ZN MINERALIZAT...
31/07/2008(Cerro Prieto)Continues its Drilling Success
16/06/2008(Cerro Prieto)Intersects 0.214 g/t Au, 361.8 g/t Ag, 2.40% Pb And 4.76% Zn...
21/05/2008(Cerro Prieto)Initial Drill Holes Intersect Mineralized Structure at Cerro...
30/04/2008(Cerro Prieto)ANNOUNCES FIRST SAMPLING RESULTS FROM CERRO PRIETO NORTH PRO...
Communiqués de Presse de Oroco Resources Corp
17/12/2015December 15, 2015 OROCO SETTLES SONORAN LAWSUIT
17/12/2015Oroco Settles Sonoran Lawsuit
19/11/2015Oroco Agrees to Extension of Closing Date
29/09/2015September 28, 2015 OROCO NEGOTIATES PAYMENT OF GOLDGROUP MIN...
29/09/2015Oroco Negotiates Payment of Goldgroup Mining Inc. Notes
18/09/2015September 16, 2015 GOLDGROUP FAILS TO MAKE PAYMENT TO OROCO
17/09/2015Goldgroup Fails to Make Payment to Oroco
16/09/2015August 28, 2015 OROCO RECEIVES 16.5 MILLION SHARES OF GOLDGR...
29/08/2015Oroco Receives 16.5 Million Shares of Goldgroup Mining Inc.
02/10/2014Debt Assignment Agreement Closes
23/09/2014Oroco Enters Into Agreements With Goldgroup
31/03/2014Sonoran Resources LLC. Commences Legal Action
07/02/2014(Xochipala)WINS XOCHIPALA APPEAL
03/09/2013(Cerro Prieto)Announces Completion of the Sale of Cerro Prieto
16/08/2013(Cerro Prieto)and Goldgroup Extend the Closing Date for the Cerro Prieto T...
16/07/2013(Cerro Prieto)and Goldgroup Agree to an Extension of the Closing Date for ...
29/06/2013Receives Demand for Payment
25/06/2013(Cerro Prieto)Obtains Approval for Sale of Cerro Prieto to Goldgroup
04/06/2013Resource Corp.: Amparo Decision Handed Down
29/04/2013Announces Special General Meeting Date
10/04/2013(Cerro Prieto)and Goldgroup Sign Formal Sale Agreement for Cerro Prieto
28/01/2013(Cerro Prieto)SIGNS AGREEMENT TO SELL CERRO PRIETO FOR US $18 MILLION
28/01/2013(Cerro Prieto)Signs Agreement to Sell Cerro Prieto
09/11/2012(Xochipala)Increases Strike Length at Xochipala
27/06/2011(Cerro Prieto)Signs Definitive Cerro Prieto Surface Rights Agreement
17/06/2011(Cerro Prieto)Signs Indicative Term Sheet for Cerro Prieto Construction Fi...
15/03/2011Resource Corp. Announces Closing of Private Placement
07/03/2011Extends Mineralized Zone at Cerro Proeto
06/10/2009Initiation Of Phase Two Metallurgical Tests
25/06/2009Resource Compressed Timeline to Production
04/06/2009Invite for dissemination
13/05/2009General research GMBH to provide european investor...
08/03/2009ANDERSON FINANCIAL MARKETING to provide investor relations ...
04/11/2008Announces Senior Management Assignments
02/10/2008RESOURCE CORP. ADOPTS SHAREHOLDER RIGHTS PLAN
09/09/2008Announces 425 Meter Stepout to Mineralized Zone
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