Outcrop Silver Announces $3 Million Public Offering of Units
Outcrop Silver Announces $3 Million Public
Offering of Units
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN
THE
UNITED STATES
/
VANCOUVER, BC
,
March 4, 2024
/CNW/ - Outcrop Silver & Gold Corporation (TSXV: OCG)
(OTCQX: OCGSF) (DE: MRG1) ("
Outcrop Silver
" or the "
Company
") is pleased to announce that
it has entered into an agreement with Research Capital Corporation as the sole agent and sole
bookrunner(the "
Agent
"), in connection with a best efforts, marketed public offering of units of the
Company (the "
Units
") for aggregate gross proceeds of up to
$3,000
,000 (the "
Offering
") at a
price of
$0.15
per Unit.
Each Unit will be comprised of one common share of the Company (a "
Common Share
") and of
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
$0.22
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 the exploration and
development of the Company's Santa Ana Project, working capital and general corporate purposes.
The closing of the Offering is expected to occur on or about the week of
March 11, 2024
(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 broker 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
August 18, 2023
(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.sedarplus.ca
. 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.sedarplus.ca
before making an
investment decision.
This news 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 Silver
Outcrop Silver is advancing the Santa Ana high-grade silver deposit with exploration activities aiming
to expand the current mineral resource. Santa Ana is being advanced by a highly disciplined and
seasoned professional team with decades of experience in
Colombia
.
ON BEHALF OF THE BOARD OF DIRECTORS
Ian Harris
Chief Executive Officer
www.outcropsilverandgold.com
Kathy Li
Vice President 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.
Forward-looking information
This news release contains certain statements which may constitute forward-looking information or
forward-looking statements (collectively, "
forward-looking statements
") 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, the ability of the Company to complete the Offering on the terms
expected or at all, and other risks set out in the Company's most recent MD&A and Annual
Information Form, which are available on SEDAR+ at
www.sedarplus.ca
. 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
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/March2024/04/c2376.html
%SEDAR: 00005232E
For further information:
Ian Harris, Chief Executive Officer, [email protected],
www.outcropsilverandgold.com; Kathy Li, Vice President Investor Relations, +1 778 783 2818,
CO: Outcrop Silver & Gold Corporation
CNW 07:30e 04-MAR-24