Outcrop Announces $3 Million Private Placement
OUTCROP ANNOUNCES $3 MILLION PRIVATE
PLACEMENT
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN
THE
UNITED STATES
/
VANCOUVER, BC
,
Sept. 12, 2022
/CNW/ - Outcrop Silver & Gold Corporation (TSXV: OCG)
(OTCQX: OCGSF) (DE: MRG1) ("
Outcrop
") announces a non-brokered private placement
consisting of up to 20,000,000 common shares at a price of
$0.15
per unit (the "
Units
") for gross
aggregate proceeds of up to
$3 million
(the "
Offering
"). The net proceeds will be used for
exploration at the Santa Ana high grade silver project and general corporate purposes.
Each Unit will be comprised of one common share (a "
Common Share
") and one Common Share
purchase warrant (a "
Warrant
"). Each Warrant will entitle the holder thereof to purchase one
Common Share at an exercise price of
$0.22
for a period of 36 months following the closing of the
Offering.
A finder's fee of 6% cash and 6% brokers warrants, issued at an exercise price of
$0.22
for a
period of 36 months following the closing of the Offering, will be payable on a portion of the Offering.
Research Capital Corporation is acting as a finder in connection with the Offering. Closing of the
Offering is subject to approval of the TSX Venture Exchange. Securities issued in the Offering are
subject to a statutory hold period of four months. Closing of the Offering is intended to occur on or
around
September 23, 2022
.
This press release is not an offer to sell or the solicitation of an offer to buy the securities in
the
United States
or in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to
qualification or registration under the securities laws of such jurisdiction. The securities being offered
have not been, nor will they be, registered under the United States Securities Act of 1933, as
amended, and such securities may not be offered or sold within
the United States
or to, or for the
account or benefit of, U.S. persons absent registration or an applicable exemption from U.S.
registration requirements and applicable U.S. state securities laws.
About Outcrop
Outcrop is rapidly advancing exploration on five silver and gold exploration projects with world-class
discovery potential in Colombia. Outcrop is currently drilling and expanding the Santa Ana historic
high-grade silver district. These assets are being advanced by a highly disciplined and seasoned
professional team with decades of experience in
Colombia
.
ON BEHALF OF THE BOARD OF DIRECTORS
Joseph P Hebert
Chief Executive Officer
+1 775 340 0450
www.outcropsilverandgold.com
Kathy Li
Director of Investor Relations
+1 778 783 2818
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of
the Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain statements which constitute forward-looking statements or
information under applicable Canadian securities laws, including statements relating to the
expected size of the Offering, the anticipated timing of closing the Offering, the ability of Outcrop
to satisfy all conditions to closing the Offering, and the expected use of proceeds from the
Offering. Such forward-looking statements are subject to numerous known and unknown risks,
uncertainties and other factors, some of which are beyond Outcrop's control, which could cause
actual results or events to differ materially from those stated, anticipated or implied in the forward-
looking statements. These risks and uncertainties include general economic and capital markets
conditions, stock market volatility, the ability of Outcrop to obtain necessary consents for the
Offering, including the approval of the Exchange, and the ability of Outcrop to complete the
Offering on the terms expected or at all. Although Outcrop believes that the forward-looking
statements in this news release are reasonable, they are based on factors and assumptions, based
on currently available information, concerning future events, which may prove to be inaccurate. As
such, readers are cautioned not to place undue reliance on the forward-looking statements, as no
assurance can be provided as to future plans, operations, results, levels of activity or
achievements. The forward-looking statements contained in this news release are made as of the
date of this news release and, except as required by applicable law, Outcrop does not undertake
any obligation to publicly update or to revise any of the forward-looking statements, whether as a
result of new information, future events or otherwise.
SOURCE
Outcrop Silver & Gold Corporation
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For further information:
Joseph P Hebert, Chief Executive Officer, +1 775 340 0450,
[email protected]; Kathy Li, Director of Investor Relations, +1 778 783
2818, [email protected]
CO: Outcrop Silver & Gold Corporation
CNW 16:36e 12-SEP-22