Outcrop Silver Secures $23 Million Financing for Expansion
Outcrop Silver Closes $23 Million Public Offering
Outcrop Silver & Gold Corporation (TSXV: OCG, OTCQX: OCGSF) has successfully completed its public offering of units, raising a substantial $23 million. This offering consisted of 65,780,000 units priced at $0.35 each, which includes a full exercise of the over-allotment option that the company had announced earlier. Key players in this financing round included Jupiter Asset Management and renowned investor Eric Sprott.
Structure of the Offering and Funds Usage
The offering comprised units that include one common share and half a warrant for common shares. The warrants grant investors the option to purchase additional common shares at a price of $0.55, valid for 24 months post-closing. This structure is aimed at inviting further investment as the company embarks on various projects.
Importance of the Cash Proceeds
The fresh funds will be allocated towards exploration and drilling activities at the Santa Ana project, a key asset for Outcrop Silver. The remaining proceeds will support general working capital, essential for maintaining operations and meeting corporate obligations.
Details on Major Investors
Among the notable participants in the offering, Jupiter Asset Management purchased 42,857,142 units for a total of $15 million. Additionally, Eric Sprott, through his corporation 2176423 Ontario Ltd., acquired 14,285,716 units for an investment of $5 million.
Overview of the Santa Ana Project
The Santa Ana project is pivotal for Outcrop Silver, being its flagship project focused on high-grade silver mining in Colombia. The company is concentrating on amplifying its mineral resources through thorough strategic explorations that leverage its skilled team of professionals.
Commitment to Responsible Practices
Outcrop Silver is founded on principles that prioritize responsible mining practices and community engagement. By maintaining a strong focus on sustainable development, the company aims to build positive relationships while making significant contributions to the local economy.
Future Outlook and Strategic Goals
With a strategic vision and a long-term perspective, Outcrop Silver is positioned to enhance shareholder value consistently. The company aims to navigate through complex market dynamics with its deep understanding of the Colombian mining landscape, intending to evolve the Santa Ana project into a notable silver producer.
Company Leadership Contact Information
For further inquiries, Ian Harris serves as the Chief Executive Officer and can be reached at +1 604 638 2545 or via email at harris@outcropsilver.com. Kathy Li, the Vice President of Investor Relations, is also available at +1 778 783 2818, emailing li@outcropsilver.com.
Frequently Asked Questions
What funding amount did Outcrop Silver raise?
Outcrop Silver successfully raised $23 million through its recent public offering.
How will the funds be utilized by Outcrop Silver?
The proceeds will be primarily directed toward exploration at the Santa Ana project and for general operational costs.
Who were the main investors in this offering?
Key investors included Jupiter Asset Management and Eric Sprott, who made significant contributions to the offering.
What is the Santa Ana project?
The Santa Ana project is Outcrop Silver's flagship project based in Colombia, focusing on high-grade silver mining.
How can investors contact Outcrop Silver’s leadership?
Investors can contact CEO Ian Harris or VP of Investor Relations Kathy Li via provided email addresses or phone numbers for inquiries.
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