Arco Closes Non-Brokered Financing
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/26/11 -- Arco Resources Corp. (TSX VENTURE: ARR) ('Arco' or the 'Company') announces it has closed its non-brokered private placement announced April 15, 2011, consisting of 8,000,000 units at a price of $0.06 per unit for gross proceeds of $480,000.
All securities issued with respect to this placement are subject to a four month hold period expiring on August 26, 2011, in accordance with the policies of the TSX Venture Exchange (the 'Exchange') and the provisions of the Securities Act (British Columbia).
The units each 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 until April 25, 2012. In connection with the closing of this placement, Arco has paid qualified parties a finder's fee in cash equal to 5% of the total proceeds.
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.
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