OCO,V Oroco Finally secures Santo Tomas!
Oroco have agreed to issue 28 million shares for up to an 81% interest in the core santo tomas properties!
Santo Tomas has 8.5 billion pounds of copper metal with a grade of .4 cueq and 95% recoveries using floatation
infill drilling could increase that number to between 12 and 14 billion pounds
low strip in a mining friendly jurisdiction access to water..
you are not going to find a better copper deal, if you do please let me know
Xochipala Gold S.A de C.V. (“XG”) holds an un-registered, 100% contractual interest in the Core Concessions, the registration of which interest is subject to a legal dispute between Compania Minera Ruero, S.A. de CV. (“CMR”), the vendor of the interest which holds registered title, and third parties. XG’s interest in the Core Concessions is subject to net smelter royalties of 1.5% and agreements with third parties granting these parties a non-registered, contractual aggregate 15% interest in the Core Concessions. The third parties contractual interest in the Core Concessions may be diluted in tiered steps down to 10% by the expenditure by XG of up to $30,000,000, with no minimum expenditure obligations. Altamura Copper Corp. (“Altamura”), a British Columbia company, holds a 65% interest in XG, which interest may be increased in tiered steps to 87.5%, which would represent an 81% interest in the combined Santo Tomas Properties and Core Properties, by funding XG and incurring expenses on behalf of XG of up $30,000,000, with no minimum funding obligations. The Company holds a 13% equity interest in Altamura Copper Corp. An officer of the Company and a private company owned by the spouse of a director and officer of the Company are also shareholders of Altamura. The Company and Altamura have no common directors, officers or control persons. Altamura also holds an indirect 50% interest in CMR and an option to acquire the remaining balance of CMR and the remaining equity of XG that it does not already hold for US$16,000,000, subject to a 1% net smelter royalty, one half of which may be bought back for US$2,000,000. 3 MINERAL PROPERTIES (cont’d…) Santo Tomas Properties, Sinaloa State, Mexico (cont’d…) Pursuant to an option agreement dated September 27, 2018 between the Company, Altamura and the shareholders of Altamura other than the Company (the “Other Shareholders”), Oroco holds an option (the “Altamura Option”) to acquire all of the Other Shareholders’ shares of Altamura (the “Altamura Shares”) in consideration for 37,800,000 common shares of the Company. The Altamura Option has a three year term. In consideration for the granting of the Altamura Option, Oroco also entered into a loan agreement with Altamura to advance (the “Advances”), for working capital purposes, an aggregate amount of up to US$600,000, of which US$275,000 has already been advanced to Altamura. Each individual Advance is subject to the approval of Oroco.
