Business
Outcrop Gold Closes Acquisition of Santa Ana Silver Project
Vancouver, British Columbia--(Newsfile Corp. - January 27, 2020) - Outcrop Gold Corp. ( TSXV...
About this update from Outcrop Silver & Gold Corporation
[{"type":"text","content":"Outcrop Gold Closes Acquisition of Santa Ana Silver ProjectVancouver, British Columbia--(Newsfile Corp. - January 27, 2020) - Outcrop Gold Corp. (TSXV: OCG) (\"Outcrop\" or the \"Company\") is pleased to announce that it has closed the acquisition of the Santa Ana Silver Project (the \"Property\"), pursuant to a share purchase agreement (the \"Agreement\") with Cedar Capital Corporation (\"Cedar\"), as previously announced in news releases dated May 14, 2019, October 30, 2019 and December 18, 2019 (the \"Transaction\").Pursuant to the Agreement, the Company acquired all of the issued and outstanding shares of Cedar's wholly-owned subsidiary Malew Overseas S.A. (\"Malew\") in consideration for 24,000,000 common shares of the Company. In connection with the Transaction the Company also issued 350,000 common shares to an arm's length party as a finder's fee. All securities issued pursuant to the Transaction will be subject to a four month hold period in accordance with applicable securities laws and the policies of the TSX Venture Exchange.Ian Slater has been appointed to the board of directors and Executive Chairman of Outcrop. Mr. Slater has been involved in the mining industry for over 25 years with the last ten years in Colombia and is the founder of numerous Colombian businesses. Mr. Slater is currently the founder and Chief Executive Officer of Libero Copper & Gold Corporation. Previously, Mr. Slater was the Managing Partner of both Ernst & Young's Canadian and Arthur Andersen's Central Asian mining practices. Judy A. McCall has also been appointed Corporate Secretary.Early WarningPursuant to the Agreement, Cedar of Suite 905 - 1111 W Hastings St., Vancouver, BC, V6E 2J3, acquired 24,000,000 common shares of the Company as part of the aggregate consideration for the Company's acquisition of all the issued and outstanding share capital of Malew. Cedar is wholly owned by Ian Slater, who was appointed as a director and Executive Chairman of Outcrop in connection with the closing of the acquisition of Malew.Immediately prior to the acquisition, Cedar and Mr. Slater owned no common shares of the Company. As a result of the foregoing issuance, Cedar now owns 24,000,000 common shares representing approximately 38.39% of the current 64,190,345 issued and outstanding common shares of the Company, on an undiluted basis. This re...