Outcrop Silver closes $23.02-million private placement

Executive Summary

• Outcrop Silver & Gold Corp. closed a $23 million public offering of 65.78 M units at C$0.35 per unit, including full exercise of the over‑allotment option.
• The net proceeds will fund exploration and drilling at the Santa Ana project and general working capital.
• Major investors include Jupiter Asset Management (42.86 M units for $15 M) and Eric Sprott (14.29 M units for $5 M).

Key Details

• Offering size: 65,780,000 units at C$0.35 per unit → gross proceeds ≈ C$23,023,000.
• Unit composition: 1 common share + ½ common share purchase warrant per unit.
• Warrant terms: Exercise price C$0.55; exercisable for 24 months post‑closing; possible acceleration if share price > C$0.75 for ≥20 consecutive trading days after the six‑month anniversary.
• Over‑allotment: Fully exercised, adding to total units sold.
• Lead underwriters: BMO Capital Markets (sole bookrunner) and Research Capital Corp. (co‑lead agent); syndicate includes SCP Resource Finance LP and Red Cloud Securities Inc.
• Commission paid to agents: 6.0 % of gross proceeds = C$1,381,380 (cash).
• Use of proceeds: Primarily for exploration and drilling at the Santa Ana high‑grade silver project in Colombia; remainder for general working capital.
• Investor allocations:
• Jupiter Asset Management – 42,857,142 units for C$15 M.
• Eric Sprott (via 2176423 Ontario Ltd.) – 14,285,716 units for C$5 M.
• Regulatory filing: Prospectus supplement dated Sept. 29 2025 filed to the short‑form base shelf prospectus (dated Aug. 5 2025) with Canadian securities regulators (excluding Quebec and Nunavut).

Notable Quotes

(No direct quotes were provided in the release.)