OCGSF) (DE: MRG1) (" Outcrop
Outcrop Gold Closes $9.2 Million Bought Deal
Financing
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN
THE
UNITED STATES
/
VANCOUVER, BC
,
March 26, 2021
/CNW/ -
Outcrop Gold Corp.
(TSXV: OCG) (OTCQX:
OCGSF) (DE: MRG1) ("
Outcrop
") is pleased to announce that it has closed its previously
announced bought deal offering of units (the "
Units
") pursuant to which Outcrop issued 21,401,500
Units at a price of
$0.43
per Unit, for aggregate gross proceeds of approximately
$9.2 million
(the
"
Offering
"), which included the full exercise of the over-allotment option. The Offering was led by
Mackie Research Capital Corporation, as lead underwriter and sole bookrunner (the "
Lead
Underwriter
"), and included Canaccord Genuity Corp. (collectively, the "
Underwriters
").
Each Unit is comprised of one common share (a "
Common Share
") and one-half of one Common
Share purchase warrant (each whole warrant, a "
Warrant
"). Each Warrant is exercisable to acquire
one Common Share (a "
Warrant Share
") at a price of
$0.60
per Warrant Share until
March 26,
2023
.
Outcrop intends to use the net proceeds from the Offering primarily to advance exploration at the
Santa Ana project and for general corporate purposes as further described in the Prospectus.
The Units were offered by way of a short form prospectus dated
March 22, 2021
(the
"
Prospectus
") filed in all provinces of
Canada
, except for
Quebec
, and were also offered by way of
private placement in
the United States
. The Prospectus is available on Outcrop's profile on
www.sedar.com
.
The securities described herein have not been, and will not be, registered under the United States
Securities Act of 1933, as amended (the "
U.S. Securities Act
"), or any state securities laws, and
accordingly, may not be offered or sold within
the United States
except in compliance with the
registration requirements of the U.S. Securities Act and applicable state securities requirements or
pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a
solicitation to buy any securities in any jurisdiction.
About Outcrop
Outcrop is a hybrid prospect generator active in
Colombia
acquiring silver and gold exploration
projects with world-class discovery potential. Outcrop performs its own grass roots exploration and
then employs a joint venture business model on its projects to maximize investor exposure to
discovery and minimize financial risk. Outcrop has five primary projects in
Colombia
. While Outcrop's
other projects are available for joint venture, Outcrop will continue to drill and progress the Santa
Ana high-grade silver project.
ON BEHALF OF THE BOARD OF DIRECTORS
Joseph P Hebert, Chief Executive Officer
Mars Investor Relations
+1 775 340 0450
+1 647 557 6651
www.outcropgoldcorp.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release. Certain information contained herein constitutes "forward-looking information" under
Canadian securities legislation. Generally, forward-looking information can be identified by the use
of forward-looking terminology such as "potential", "we believe", or variations of such words and
phrases or statements that certain actions, events or results "will" occur. Forward-looking
statements are based on the opinions and estimates of management as of the date such
statements are made and they are subject to known and unknown risks, uncertainties and other
factors that may cause the actual results, level of activity, performance or achievements of Outcrop
to be materially different from those expressed or implied by such forward-looking statements or
forward-looking information, including: the receipt of all necessary regulatory approvals, capital
expenditures and other costs, financing and additional capital requirements, completion of due
diligence, general economic, market and business conditions, new legislation, uncertainties
resulting from potential delays or changes in plans, political uncertainties, and the state of the
securities markets generally. Although management of Outcrop have attempted to identify
important factors that could cause actual results to differ materially from those contained in
forward-looking statements or forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can be no assurance that such
statements will prove to be accurate, as actual results and future events could differ materially
from those anticipated in such statements. Accordingly, readers should not place undue reliance
on forward-looking statements and forward-looking information. Outcrop will not update any
forward-looking statements or forward-looking information that are incorporated by reference
herein, except as required by applicable securities laws.
SOURCE
Outcrop Gold Corp.
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%SEDAR: 00005232E
For further information:
Joseph P Hebert, Chief Executive Officer, +1 775 340 0450,
[email protected], www.outcropgoldcorp.com; Mars Investor Relations, +1 647 557
6651, [email protected]
CO: Outcrop Gold Corp.
CNW 09:26e 26-MAR-21