Outcrop Gold (TSXV: OCG) last night announced that it will be conducting a bought deal financing. The company will be raising $6.0 million through an offering lead by Mackie Research that will see 14.0 million units of the company sold at a price of $0.43 per each.
Each unit is to contain one common share and one half warrant of the company, with each warrant being valid for a period of two years from the date of issuance. Each warrant contains an exercise price of $0.60 oper common share. An over-allotment option has also been granted to the underwriters, valid for a period of 30 days from the date of closing.
Net proceeds from the financing are to be used to advance the firms flagship Santa Ana project, as well as for working capital and general corporate purposes.
The financing is currently anticipated to close March 1, 2021.
Outcrop Gold last traded at $0.48 on the TSX Venture.
Information for this briefing was found via Sedar and Outcrop Gold Corp. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
