Outcrop Silver & Gold Corporation (OCG) is pleased to announce the successful closing of a non-brokered private placement offering, raising a total of $5 million. The offering was fully subscribed by Eric Sprott, a prominent investor in the mining sector, through his company, 2176423 Ontario Ltd. Each unit purchased in the offering consists of one common share of Outcrop Silver and a warrant to purchase an additional half share at a price of $0.30 within 24 months.
This strategic investment will be instrumental in advancing Outcrop Silver’s key initiatives. The funds will be allocated towards exploring and developing the Santa Ana project, a high-grade silver project located in Colombia. The investment will also bolster working capital and support general corporate activities.
Mr. Sprott’s participation in the offering signifies a significant vote of confidence in Outcrop Silver’s growth potential. His existing holdings in the company have increased substantially, now representing approximately 19.3% of the outstanding shares on a non-diluted basis, and 22.4% on a partially diluted basis, assuming the exercise of all warrants.
Outcrop Silver is a leading explorer and developer in the silver mining sector, with a proven track record in Colombia. The company is committed to responsible mining practices, community engagement, and sustainable development, positioning itself as a key player in the global silver market.
With the infusion of capital from Mr. Sprott, Outcrop Silver is well-positioned to accelerate its exploration and development plans at the Santa Ana project. This strategic move reinforces the company’s commitment to unlocking the project’s full potential and establishing itself as a major silver producer in the region.
