Outcrop Gold Corp. (TSX-V: OCG) (OTCQX: OCGSF) (DE: MRG1) is pleased to announce that it has closed its previously announced bought deal offering of units pursuant to which Outcrop issued 21,401,500 Units at a price of $0.43 per Unit, for aggregate gross proceeds of approximately $9.2 million, which included the full exercise of the over-allotment option. The Offering was led by Mackie Research Capital Corporation, as lead underwriter and sole bookrunner, and included Canaccord Genuity Corp.

Each Unit is comprised of one common share and one-half of one Common Share purchase warrant. Each Warrant is exercisable to acquire one Common Share at a price of $0.60 per Warrant Share until March 26, 2023.

Outcrop intends to use the net proceeds from the Offering primarily to advance exploration at the Santa Ana project and for general corporate purposes as further described in the Prospectus.

The Units were offered by way of a short form prospectus dated March 22, 2021 filed in all provinces of Canada, except for Quebec, and were also offered by way of private placement in the United States. The Prospectus is available on Outcrop’s profile on www.sedar.com.

The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.

About Outcrop

Outcrop is a hybrid prospect generator active in Colombia acquiring silver and gold exploration projects with world-class discovery potential. Outcrop performs its own grass roots exploration and then employs a joint venture business model on its projects to maximize investor exposure to discovery and minimize financial risk. Outcrop has five primary projects in Colombia. While Outcrop’s other projects are available for joint venture, Outcrop will continue to drill and progress the Santa Ana high-grade silver project.