$5M Private Placement Subscribed Entirely by Sprott Closed Today: Outcrop Silver & Gold
Today, Outcrop Silver & Gold (OCG.v OCGSF) announced the closing of its $5 million private placement that was subscribed entirely by Eric Sprott.
Eric Sprott is a well-known Canadian billionaire and influential figure in the mining and resource investment world. With decades of experience in the precious metals sector, he is highly regarded for his successful investments in gold and silver companies.
Providing not only capital but also adding credibility and market visibility to the company, Sprott's involvement in a company like OCG signals confidence in its potential, often attracting attention from other investors due to his track record of identifying high-potential mining ventures.
Issuing 22,727,273 units at $0.22 per unit in the offering, Eric Sprott has now increased his holdings to 19.3% (non-diluted) and 22.4% (partially diluted).
Notably, the proceeds will be directed towards exploration and development of the Santa Ana project.
Silver's Golden Opportunity - Prices Surge 34% YTD
With several factors driving demand, silver is experiencing a significant surge in value, with prices rising 34% year-to-date, outpacing gold.
Citi Research predicts silver could reach US$35 per ounce by the end of 2024 and US$38-40 by mid-2025. Several factors are driving this bullish outlook: supply constraints from mine closures and strikes, coupled with booming industrial demand, particularly in the solar energy sector, which has seen a 158% increase in silver usage from 2019 to 2023. (Source: https://thedeepdive.ca/are-we-on-our-way-to-40-silver-prices-surge-34-ytd/)
Exploring One of the World's Richest Primary Silver Deposits
With two drills currently turning, OCG is conducting an extensive drill program at its high-grade Santa Ana Silver Project.
Targeting 24,000m in 2024, with the potential to increase to 48,000m, the 37 million-ounce silver resource is currently being drilled in the northeast to delineate a 80–100 million ounces resource.
With monthly updates and continuous news flow expected for the rest of 2024, OCG is strongly positioned as it aims to accelerate growth and increase its resource estimate amid a strong precious metals and silver market.
For more information, check out the latest interview with OCG's President & CEO, Ian Harris, at the 2024 Beaver Creek Precious Metals Conference: https://www.youtube.com/watch?v=iu4PAWG9_tI
Full News Release: https://outcropsilver.com/news/outcrop-silver-closes-5-million-private-placement-financing-with-eric-sprott/
Posted on Behalf of Outcrop Silver & Gold Corporation.