Arco Announces Financing
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/15/11 -- Arco Resources Corp. (TSX VENTURE: ARR) ('Arco' or the 'Company') announces it will conduct a non-brokered private placement of up to 8,000,000 units for gross proceeds of up to $480,000, subject to the approval of the TSX Venture Exchange (the 'Exchange').
Each Unit will be priced at $0.06 and will consist of one common share and one non-transferable share purchase warrant (the 'Warrants') exercisable for one additional common share of the Company at a price of $0.15 for one year from the date of issue. All shares issued pursuant to this offering and any shares issued in connection with the exercise of any of the Warrants will be subject to a four-month hold period from the date of issuance, in accordance with Exchange policies and applicable securities laws. Arco will pay qualified parties a finder's fee, subject to the policies and approval of the Exchange.
The proceeds of the private placement will be used to fund the preparation of technical reports under National Instrument 43-101 at Arco's Taviche and Predilecta properties located in Oaxaca, Mexico, and for working capital.
Grant of Stock Options
The Company also announces the grant of incentive stock options to certain directors and consultants of the Company to purchase up to 3,000,000 common shares in the capital stock of the Company pursuant to an approved share option plan. The options are exercisable at a price of $0.10 per share on or before April 14, 2016, subject to the approval of the TSX Venture Exchange.
About Arco Resources
Arco holds a 100% interest in seven mineral claim blocks, all located in the State of Oaxaca, Mexico. The Company has begun to focus its efforts on its Taviche and Predilecta claim blocks, each of which has had historical production of gold and silver. The Company has optioned its Lachiguiri, Silacayoapan and Nino Perdido properties to Argentum Silver Corp., and has optioned a 90% interest in its Tres Hermanas property to Zodiac Capital Ltd. For further information on the Company please go to www.arcoresources.com. Follow Arco on Facebook.
On behalf of the Board of Directors of Arco Resources Corp.
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.
Contacts:
Arco Resources Corp.
Ian Tootill
Director of Investor Relations
604.639.2866 ext. 110
ian@arcoresources.com
www.arcoresources.com