| |  
| | February 11, 2010
Arco Announces Non-Brokered Financing
|
| | February 11, 2010: Vancouver, B.C.: Arco Resources Corp. (TSX-V: ARR) ("Arco" or the "Company") is pleased to announce it will conduct a non-brokered private placement of up to 30,000,000 units for gross proceeds of up to $1.5 million, subject to the approval of the TSX Venture Exchange (the "Exchange").
The units will be priced at $0.05 and will each consist of one common share and one non-transferable share purchase warrant (the "Warrant") exercisable for an additional common share at a price of $0.10 for two years from the date of issue. All warrants will be subject to an accelerated expiry provision such that if Arco's shares trade at or above a price of $0.20 for 20 consecutive trading days (after all hold periods expire), Arco will give notice via a news release that the warrants will expire 30 days from the date of such news release.
Arco will pay qualified parties a finder's fee in cash equal to 7.5% of the total proceeds invested by subscribers introduced to Arco by such parties, subject to the approval of the Exchange. Each qualified finder will also receive a non-transferable warrant (the "Finder's Warrant") entitling them to purchase that number of Arco common shares equal to 10% of the total number of Units purchased by subscribers introduced to Arco by such parties Each Finder's Warrant will have terms and conditions similar to that of the Warrants issued under the private placement.
The proceeds of the private placement will be used to fund additional exploration work on Arco's Taviche, Predilecta, Cuatro Venados and Tres Hermanas properties (see our news releases dated February 9th and February 1st, 2010, respectively) and for general working capital.
About Arco Resources
Arco holds a 100% interest in six mineral claim blocks and the right to acquire 100% of a seventh, all located in the State of Oaxaca, Mexico. The Company has two 43-101 compliant projects, the Lachiguiri project (Ag,Pb,Zn) and the Tres Hermanas project (Ag,Pb,Zn). In addition the Company has begun to focus its efforts on its Taviche and newly-acquired Predilecta claim blocks, each of which have had historical production of gold and silver. The Company currently has an agreement in principle to option a 100% interest in its Lachiguiri, Silacayoapan and Nino Perdido properties to Silex Ventures Ltd. For further information on the Company please go to www.arcoresources.com.
On behalf of the Board of Directors of Arco Resources Corp.
"Warren McIntyre"
Warren McIntyre
President and Chief Executive Officer
Arco Resources Corp.
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. |
| |
| | You can view the Next News Releases item: Thu Mar 25, 2010, Arco Closes First Tranche of Non-Brokered Financing
You can view the Previous News Releases item: Tue Feb 9, 2010, Arco Announces Sampling Averages of 173 g/t Silver and 1.5 g/t Gold along 230 metres at the Taviche Silver-Gold Property
You can return to the main News Releases page, or press the Back button on your browser.
|
| |
