Business
Outcrop Silver & Gold Completes Fully-Subscribed $6.9 Million Marketed Public Offering, Including Strategic by Eric Sprott
VANCOUVER, BC, March 9, 2022 /CNW/ - Outcrop Silver & Gold Corporation (TSXV:OCG, OTCQX:OCGSF, DE:MRG1) ("Outcrop") announces that it has completed a fully-subs
About this update from Outcrop Silver & Gold Corporation
[{"type":"text","content":" VANCOUVER, BC, March 9, 2022 /CNW/ - Outcrop Silver & Gold Corporation (TSXV:OCG, OTCQX:OCGSF, DE:MRG1) (\"Outcrop\") announces that it has completed a fully-subscribed marketed public offering (the \"Offering\") by raising total proceeds of approximately $6.9 million consisting of 25,555,555 units of the Company (the \"Units\") at a price of $0.27 per Unit, including the exercise in full of an over-allotment option by Research Capital Corporation. Each Unit is comprised of one common share of the Company (a \"Common Share\") and one Common Share purchase warrant of the Company (a \"Warrant\"). Each Warrant entitles the holder thereof to purchase one Common Share at an exercise price of $0.37 for a period of 24 months following the closing of the Offering. \"Importantly this financing funds Outcrop's 2022 drilling campaign which is already underway at the Santa Ana high-grade silver project and will culminate in a maiden resource,\" comments Joseph Hebert, Chief Executive Officer. \"Due to the leadership of our existing shareholders, including Eric Sprott, the financing was significantly over subscribed.\" Outcrop intends to use the proceeds from the Offering for advancement of its Santa Ana Project and for working capital and general corporate purposes. The Offering was conducted on a \"best efforts\" agency basis and was led by Research Capital Corporation as the sole Agent and sole bookrunner. As consideration for the services provided by the Agent in connection with the Offering: (a) the Agents received a cash commission equal to 6% of the gross proceeds of the Offering; and (b) the Agents received that number of broker warrants (the \"Broker Warrants\") as is equal to 6% of the number of Units issued under the Offering on the Closing Date. Each Broker Warrant is exercisable to acquire one Common Share, at a price of $0.27 per Broker Warrant Share, for a period of twenty-four (24) months after the Closing Date. Eric Sprott, through 2176423 Ontario Ltd., a corporation which is beneficially owned by him, acquired 7,400,000 Units pursuant to the Offering for total consideration of $1,998,000. After closing of the Offering, Mr. Sprott now beneficially owns or controls 27,042,800 Common Shares and 22,221,400 common share purchase warrants representing approximately 16.9% on a non-diluted basis and ...