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Outcrop Gold Announces $5 Million Private Placement Fully Allocated
Vancouver, British Columbia--(Newsfile Corp. - June 2, 2020) - Outcrop Gold Corp. ( TSXV: OC...
About this update from Outcrop Silver & Gold Corporation
[{"type":"text","content":"Outcrop Gold Announces $5 Million Private Placement Fully AllocatedVancouver, British Columbia--(Newsfile Corp. - June 2, 2020) - Outcrop Gold Corp. (TSXV: OCG) (\"Outcrop\") is pleased to announce that the brokered private placement of units (\"Units\") announced this morning with Mackie Research Capital Corp. (\"Lead Agent\") as lead agent and sole book runner, along with Eventus Capital Corp. (together with the Lead Agent, \"Agents\") at a price of $0.28 per Unit (\"Offering Price\") for gross proceeds of $5,000,000 (\"Offering\") is oversubscribed, fully allocated and the books are closed.Mr. Eric Sprott intends to subscribe to the Offering as the lead order and increase his investment in Outcrop to 19.9%. The remainder of the Offering was allocated to new institutional investors.\"This significantly oversubscribed financing was very well supported by new institutional shareholders fully funding the ongoing 2020 drill campaign at Santa Ana,\" comments Ian Slater, Chairman. \"We also appreciate Eric Sprott's ongoing support. This is a strong endorsement of the potential and expanding scale of the Santa Ana high-grade silver-gold project.\"Each Unit will be comprised of one common share (\"Common Share\") and one-half of one Common Share purchase warrant (each whole warrant, \"Warrant\"). Each Warrant shall be exercisable to acquire one Common Share (\"Warrant Share\") at a price of $0.42 per Warrant Share for a period of 24 months from the closing of the Offering. The Lead Agent will have an option (\"Agent's Option\") to offer for sale up to an additional 15% of the number of Units sold in the Offering at the Offering Price, which Agent's Option is exercisable, in whole or in part, at any time up to 48 hours prior to the closing of the Offering.The Offering is scheduled to close on or about June 12, 2020, or such date as agreed upon between Outcrop and the Lead Agent (the \"Closing\") and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. The Units to be issued under the Offering will have a hold period of four months and one day from Closing. Outcrop intends to use the net proceeds from the Offering for the Santa Ana exploration program and for general corporate purposes. In connection with the Offering, the Agents will r...