Outcrop Announces Upsized $6.0 Million Public Offering of Units
Outcrop Announces Upsized $6.0 Million
Public Offering of Units
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN
THE
UNITED STATES
/
VANCOUVER, BC
,
March 2, 2022
/CNW/ - Outcrop Silver & Gold Corporation (TSXV: OCG)
(OTCQX: OCGSF) (DE: MRG1) ("
Outcrop
" or the "
Company
") is pleased to announce that, due to
strong investor demand, it has agreed with Research Capital Corporation as sole agent and sole
bookrunner (the "
Agent
"), to increase the size of the previously announced best efforts, public
offering (the "
Offering
") to
$6,000,000
in aggregate gross proceeds to the Company. The Offering
consists of units of the Company (the "
Units
") at a price of
$0.27
per Unit (the "
Offering Price
").
Each Unit will be comprised of one common share of the Company (a "
Common Share
") and
one Common Share purchase warrant of the Company (a "
Warrant
"). Each Warrant will entitle the
holder thereof to purchase one Common Share at an exercise price of
$0.37
for a period of 24
months following the closing of the Offering.
The Company has granted the Agent an option (the "
Over-Allotment Option
") to increase the size
of the Offering by up to an additional number of Units, and/or the components thereof, that in the
aggregate would be equal to approximately 15% of the total number of Units to be issued under the
Offering, to cover over-allotments, if any, and for market stabilization purposes, exercisable at any
time and from time to time up to 30 days following the closing of the Offering.
The net proceeds from the Offering will be used by the Company for working capital and general
corporate purposes.
The closing of the Offering is expected to occur on or about
March 9, 2022
(the "
Closing
"), or on
such date as agreed upon between the Company and the Agent, and is subject to the Company
receiving all necessary regulatory approvals, including the approval of the TSX Venture Exchange
(the "
Exchange
") to list, on the date of Closing, the Common Shares and the Common Shares
issuable upon exercise of the Warrants and compensation warrants thereon.
In connection with the Offering, the Company intends to file a prospectus supplement (the
"
Supplement
") to the Company's short form base shelf prospectus dated
April 27, 2021
(the "
Shelf
Prospectus
"), with the securities regulatory authorities in each of the provinces of
Canada
, except
Quebec
. Copies of the Shelf Prospectus and, the Supplement to be filed in connection with the
Offering, can be found on SEDAR at
www.sedar.com
. The Shelf Prospectus contains, and the
Supplement will contain, important detailed information about the Company and the Offering.
Prospective investors should read the Supplement and accompanying Shelf Prospectus and the
other documents the Company has filed on SEDAR at
www.sedar.com
before making an investment
decision.
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
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.
Forward-looking statements
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 the
Company 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 the Company'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 the Company to obtain necessary consents
for the Offering, including the approval of the Exchange, and the ability of the Company to
complete the Offering on the terms expected or at all. Although the Company 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, the Company
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:
Mars Investor Relations, +1 647 557 6640,
CO: Outcrop Silver & Gold Corporation
CNW 07:30e 02-MAR-22