Orovero Resources Corp. (TSX-V: OVR, Frankfurt: GA0, "Orovero" or the "Company") is pleased to announce that it has closed the first tranche of the non-brokered private placement announced on October 28, 2013. The first tranche consists of aggregate gross proceeds of $516,904. The Company will issue 5,743,376 units at a price of $0.09 per unit in the first tranche.
As previously disclosed, each unit will consist of one common share and one-half of one share purchase warrant. Each whole warrant will entitle the holder to acquire one additional common share at a price of $0.15 for two years. The proceeds from the private placement will be used by the Company to identify, acquire, refurbish and commission a toll mill in Peru with its partnership, as announced in Orovero's news release dated October 23, 2013. Funds will also be used for general working capital. The Private Placement securities will be issued subject to a minimum four-month hold period from the date of issuance. The private placement is subject to TSX Venture Exchange approval. Finder's fees may be payable with respect to the private placement, in accordance with Exchange policies.
Orovero received an extension from the TSX Venture Exchange to close the private placement to January 13, 2014.
The share exchange financing arrangement with Global Resources Investments Ltd. ("GRIL",) also announced in our October 28, 2013 news release, is still in place. GRIL will re-register as a public company and be constituted as an investment trust with the name Global Resources Investment Trust Plc. ("GRIT") and seek admission of its ordinary shares on the main market for listed securities on the London Stock Exchange. Closing of the share exchange transaction is subject to a number of conditions precedent, including approval of the TSX Venture Exchange, and GRIT successfully listing on the London Stock Exchange.
Orovero announces the following executive changes effective January 2, 2014. Mr. Dan O'Brien has been appointed Chief Financial Officer replacing Mr. Michael Iannacone, who also held the office of Corporate Secretary. Ms. Doris Meyer has been appointed Corporate Secretary.
Mr. O'Brien is a member of the Institute of Chartered Accountants of British Columbia and is also Chief Financial Officer for a number of publicly listed exploration companies trading on the Toronto Stock Exchange and TSX Venture Exchange. He was previously a senior manager at a leading Canadian accounting firm where he specialized in the audit of public companies in the mining and resource sector.
"On behalf of the board, I would like to thank Mr. Iannacone for his contributions to Orovero" stated Mr. Len Clough.
Orovero also announces the change of address of its corporate offices to Unit 1 - 15782 Marine Drive, White Rock, B.C. V4B 1E6. Our new phone number is 604-536-2711 and our fax number is 604-536-2788.
About Orovero Resources Corp.
Orovero is a company focused on pursuing near term production opportunities with cash flow. The Company is working in partnership to develop its first gold toll milling operation in Peru with a goal of becoming Peru's processor of choice with multiple facilities processing in excess of 1000 tonnes per day. In addition, the Company has a portfolio of highly prospective exploration properties including its' flagship property called Rio Tabaconas located in Northern Peru.
ON BEHALF OF THE BOARD
Mr. Len Clough, Chairman, President, CEO and Director
For further information please contact:
Mr. Shawn Perger, Corporate Communications
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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Readers are encouraged to refer to the Company's public disclosure documents for a more detailed discussion of factors that may impact expected future results. The Company undertakes no obligation to publicly update or revise any forward-looking statements. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.
The securities being offered have not been, nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.