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SERVICES OR DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, Sept. 26,
2024 /CNW/ - Outcrop Silver & Gold Corporation
(TSXV: OCG) (OTCQX: OCGSF) (DE: MRG) ("Outcrop Silver" or
the "Company") is pleased to announce a non-brokered private
placement offering of 22,727,273 units of the Company (the
"Units") at a price of $0.22
per Unit for aggregate gross proceeds of up to $5,000,000 (the "Offering"). The
Company is pleased to advise that Eric
Sprott, through 2176423 Ontario Ltd., has subscribed for the
entire Offering.
Each Unit will be comprised of one common share of the Company
(a "Common Share") and of one-half of one Common Share
purchase warrant of the Company (each whole warrant, a
"Warrant"). Each Warrant will entitle the holder thereof to
purchase one Common Share at an exercise price of $0.30 for a period of 24 months following the
closing of the Offering.
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.
The closing of the Offering is expected to occur on or about
October 3, 2024 (the
"Closing"). The Units to be issued under the Offering will
have a hold period of four months and one day from
Closing.
The Company will pay finder's fees to eligible finders in
accordance with the policies of the TSX Venture Exchange
("TSXV").
The issuance of the Units and payment of the Finder's Fee is
subject to certain conditions including, but not limited to, the
receipt of all necessary approvals including the approval of the
TSXV.
This press release is not an offer to sell or the solicitation
of an offer to buy the securities in the
United States or in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to qualification or
registration under the securities laws of such jurisdiction. The
securities being offered have not been, nor will they be,
registered under the United States Securities Act of 1933, as
amended, and such securities may not be offered or sold within
the United States or to, or for
the account or benefit of, U.S. persons absent registration or an
applicable exemption from U.S. registration requirements and
applicable U.S. state securities laws.
About Outcrop Silver
Outcrop Silver is a leading explorer and developer focused on
advancing its flagship Santa Ana high-grade silver project in
Colombia. Leveraging a disciplined
and seasoned team of professionals with decades of experience in
the region. Outcrop Silver is dedicated to expanding current
mineral resources through strategic exploration initiatives.
At the core of our operations is a commitment to responsible
mining practices and community engagement, underscoring our
approach to sustainable development. Our expertise in navigating
complex geological and market conditions enables us to consistently
identify and capitalize on opportunities to enhance shareholder
value. With a deep understanding of the Colombian mining landscape
and a track record of successful exploration, Outcrop Silver is
poised to transform the Santa Ana project into a significant silver
producer, contributing positively to the local economy and setting
new standards in the mining industry.
ON BEHALF OF THE BOARD OF DIRECTORS
Neither the Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Forward-looking statements
This news release contains certain statements which
constitute forward-looking statements or information under
applicable Canadian securities laws, including statements relating
to the expected size of the Offering, the anticipated timing of
closing the Offering, the ability of the Company to satisfy all
conditions to closing the Offering, and the expected use of
proceeds from the Offering. Such forward-looking statements are
subject to numerous known and unknown risks, uncertainties and
other factors, some of which are beyond the Company's control,
which could cause actual results or events to differ materially
from those stated, anticipated or implied in the forward-looking
statements. These risks and uncertainties include general economic
and capital markets conditions, stock market volatility, the
ability of the Company to obtain necessary consents for the
Offering, including the approval of the Exchange, and the ability
of the Company to complete the Offering on the terms expected or at
all. Although the Company believes that the forward-looking
statements in this news release are reasonable, they are based on
factors and assumptions, based on currently available information,
concerning future events, which may prove to be inaccurate. As
such, readers are cautioned not to place undue reliance on the
forward-looking statements, as no assurance can be provided as to
future plans, operations, results, levels of activity or
achievements. The forward-looking statements contained in this news
release are made as of the date of this news release and, except as
required by applicable law, the Company does not undertake any
obligation to publicly update or to revise any of the
forward-looking statements, whether as a result of new information,
future events or otherwise.
SOURCE Outcrop Silver & Gold Corporation