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Outcrop Silver Closes $5 Million Private Placement Financing with Eric Sprott
Outcrop Silver Closes $5 Million Private Placement Financing with Eric Sprott Canada Ne...
About this update from Outcrop Silver & Gold Corporation
[{"type":"text","content":"\n\n\n\n Outcrop Silver Closes $5 Million Private Placement Financing with Eric Sprott\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n\n\n\n\n VANCOUVER, BC\n \n\n ,\n \n\n Oct. 3, 2024\n \n\n /CNW/ - Outcrop Silver & Gold Corporation (TSXV: OCG) (OTCQX: OCGSF) (DE: MRG) (\"\n \n Outcrop Silver\n \n \" or the \"\n \n Company\n \n \") is pleased to announce it has closed a non-brokered private placement offering of 22,727,273 units of the Company (the \"\n \n Units\n \n \") at a price of\n \n $0.22\n \n per Unit for aggregate gross proceeds of\n \n $5,000,000\n \n (the \"\n \n Offering\n \n \"). The Company is pleased to advise that\n \n Eric Sprott\n \n , through 2176423 Ontario Ltd., subscribed for the entire Offering.\n \n\n\n\n\n\n\n\n\n Each Unit is comprised of one common share of the Company (a \"\n \n Common Share\n \n \") and of one-half of one Common Share purchase warrant of the Company (each whole warrant, a \"\n \n Warrant\n \n \"). Each Warrant will entitle the holder thereof to purchase one Common Share at an exercise price of\n \n $0.30\n \n for a period of 24 months following the closing of the Offering.\n \n\n The net proceeds from the Offering will be used by the Company for the exploration and development of the Santa Ana project, working capital and general corporate purposes.\n \n\n The Units issued under the Offering will have a statutory hold period of four months and one day which will expire on\n \n February 4, 2025\n \n .\n \n\n The Company paid finder's fees of\n \n $150,000\n \n (3%) to Research Capital Corporation and\n \n $50,000\n \n (1%) to Richardson Wealth Ltd. in accordance with the policies of the TSX Venture Exchange (\"\n \n TSXV\n \n \").\n \n\n Mr. Sprott is an existing insider of the Company, and as such, his participation in the private placement is a related-party transaction under the policies of the TSXV and Multilateral Instrument 61-101 - Prot...