Outcrop Silver & Gold Corporation (OCG, OCGSF, MRG), a leading explorer and developer focused on the Santa Ana high-grade silver project in Colombia, has announced the completion of a non-brokered private placement offering. This successful offering generated gross proceeds of up to $5 million, with Eric Sprott, through 2176423 Ontario Ltd., subscribing for the entire amount.
The private placement involved the issuance of 22,727,273 units, each consisting of one common share of the Company and one-half of one Common Share purchase warrant. These warrants entitle the holder to purchase one Common Share at an exercise price of $0.30 for a period of 24 months following the closing of the offering.
Outcrop Silver intends to utilize the net proceeds from the offering for the exploration and development of the Santa Ana Project, working capital, and general corporate purposes. The closing of the offering is anticipated to occur on or about October 3, 2024. The Units issued under the Offering will be subject to 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 are subject to certain conditions, including the receipt of all necessary approvals, including the approval of the TSXV.
Outcrop Silver’s commitment to responsible mining practices, community engagement, and sustainable development is reflected in its approach to the Santa Ana Project. With a team of seasoned professionals and a deep understanding of the Colombian mining landscape, Outcrop Silver aims to transform Santa Ana into a significant silver producer, contributing to both the local economy and the mining industry as a whole.
