07:46 AM EDT, 10/04/2024 (MT Newswires) -- Outcrop Silver & Gold ( OCGSF ) overnight Thursday said it has closed a non-brokered private placement, raising $5 million that will be used to develop the Santa Ana project in Colombia.

The company issued 22.73 million units at $0.22 each, all of which were acquired by mining magnate Eric Sprott. Each unit is comprised of one share and half a warrant. Each two-year warrant can buy an additional share for $0.30.