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Oroco Resource ( (TSE:OCO) ) has provided an update.
Oroco Resource Corp. announced a non-brokered private placement offering of up to 18 million units at US$0.20 per unit, aiming to raise US$3.6 million. The proceeds will be used for advancing the Santo Tomas Project in Mexico and for general corporate purposes. The offering includes participation from board member Faysal Rodriguez and is subject to regulatory approvals. This move is expected to bolster Oroco’s financial position, aiding in the development of its key project and potentially enhancing its market standing.
Spark’s Take on TSE:OCO Stock
According to Spark, TipRanks’ AI Analyst, TSE:OCO is a Neutral.
Oroco Resource Corp.’s overall score is primarily impacted by its weak financial performance, characterized by ongoing net losses and lack of revenue generation. While technical analysis shows some positive momentum, and recent corporate events indicate potential future prospects, the current financial struggles and valuation concerns weigh heavily on the stock’s score.
To see Spark’s full report on TSE:OCO stock, click here.
More about Oroco Resource
Oroco Resource Corp. is a company with a significant focus on mineral exploration, holding an 85.5% interest in the central concessions of the Santo Tomas Project in northwestern Mexico. The company also has an 80% interest in additional mineral concessions surrounding the core area, making up a total project area of 9,034 hectares. The Santo Tomas Project is known for its copper porphyry mineralization, with extensive exploration history and significant drilling programs conducted by Oroco.
Average Trading Volume: 124,818
Technical Sentiment Signal: Sell
Current Market Cap: C$87.11M
For a thorough assessment of OCO stock, go to TipRanks’ Stock Analysis page.