Outcrop closes private placement for $1.11-million

Jan 7, 2020

2020-01-06 18:19 ET – News Release

Mr. Joseph Hebert reports

OUTCROP GOLD CLOSES PRIVATE PLACEMENT

Outcrop Gold Corp. has closed its non-brokered private placement announced on Oct. 25, 2019, and modified on Oct. 30, 2019, when the placement would be limited to currently needed financing or no more than $1.25-million to reduce share dilution.

Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire one common share at a price of 20 cents until Nov. 7, 2024.

Outcrop raised a total of $1,112,000, issuing 11.12 million units at 10 cents. Each unit had a full five=year warrant exercisable at 20 cents, expiring on Nov. 7, 2014. The placement was undersubscribed upon close, but Outcrop Gold shares have recently seen intraday highs of 14 cents, and the company thinks additional funds for working capital and continuing to drill Santa Ana may be raised at higher unit prices.

A total of $6,030 was paid in finders’ fees, and 48,300 broker warrants, entitling the holder to acquire one common share at a price of 20 cents until Nov. 7, 2024, were also issued in connection with part of the placement.

About Outcrop Gold Corp.

Outcrop is a gold prospect generator active in Colombia, acquiring gold exploration projects with world-class discovery potential. Outcrop performs its own grassroots exploration and then employs a joint venture business model on its projects to maximize investor exposure to discovery and minimize financial risk.

We seek Safe Harbor.

https://outcropgoldcorp.com/