Outcrop Silver Company
Outcrop Silver Announces $5 Million Private
Placement Financing with Eric Sprott
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN
THE
UNITED STATES
/
VANCOUVER, BC
,
Sept. 26, 2024
/CNW/ - Outcrop Silver & Gold Corporation (TSXV: OCG)
(OTCQX: OCGSF) (DE: MRG) ("
Outcrop Silver
" or the "
Company
") is pleased to announce a non-
brokered private placement offering of 22,727,273 units of the Company (the "
Units
") at a price of
$0.22
per Unit for aggregate gross proceeds of up to
$5,000,000
(the "
Offering
"). The Company is
pleased to advise that
Eric Sprott
, through 2176423 Ontario Ltd., has subscribed for the entire
Offering.
Each Unit will be comprised of one common share of the Company (a "
Common Share
") and of
one-half of one Common Share purchase warrant of the Company (each whole warrant, a
"
Warrant
"). Each Warrant will entitle the holder thereof to purchase one Common Share at an
exercise price of
$0.30
for a period of 24 months 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 Santa Ana Project, working capital and general corporate purposes.
The closing of the Offering is expected to occur on or about
October 3, 2024
(the "
Closing
"). The
Units to be issued under the Offering will have a hold period of four months and one day from
Closing.
The Company will pay finder's fees to eligible finders in accordance with the policies of the TSX
Venture Exchange ("
TSXV
").
The issuance of the Units and payment of the Finder's Fee is subject to certain conditions including,
but not limited to, the receipt of all necessary approvals including the approval of the TSXV.
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 Silver
Outcrop Silver is a leading explorer and developer focused on advancing its flagship Santa Ana high-
grade silver project in
Colombia
. Leveraging a disciplined and seasoned team of professionals with
decades of experience in the region. Outcrop Silver is dedicated to expanding current mineral
resources through strategic exploration initiatives.
At the core of our operations is a commitment to responsible mining practices and community
engagement, underscoring our approach to sustainable development. Our expertise in navigating
complex geological and market conditions enables us to consistently identify and capitalize on
opportunities to enhance shareholder value. With a deep understanding of the Colombian mining
landscape and a track record of successful exploration, Outcrop Silver is poised to transform the
Santa Ana project into a significant silver producer, contributing positively to the local economy and
setting new standards in the mining industry.
ON BEHALF OF THE BOARD OF DIRECTORS
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:
Ian Harris, Chief Executive Officer, +1 604 638 2545,
[email protected], www.outcropsilver.com; Kathy Li, Vice President of Investor Relations,
+1 778 783 2818, [email protected]
CO: Outcrop Silver & Gold Corporation
CNW 11:28e 26-SEP-24