Outcrop Silver & Gold Corporation (TSX-V: OCG) (OTCQX: OCGSF) (DE: MRG) is pleased to announce that it has closed its previously announced public offering of 23,000,000 units of the Company at a price of $0.15 per Unit, for aggregate gross proceeds of $3,450,000, including the full exercise of the over-allotment option. The Offering was led by Research Capital Corporation as the sole agent and sole bookrunner.

Each Unit is comprised of one common share of the Company and one Common Share purchase warrant of the Company. Each Warrant will entitle the holder thereof to purchase one Common Share at an exercise price of $0.22 for a period of 24 months following the closing of the Offering.

The net proceeds from the Offering will be used by the Company for the exploration and development of the Santa Ana Project, working capital and general corporate purposes.

In connection with the Offering, the Company has filed a prospectus supplement dated March 11, 2024, to the Company’s short form base shelf prospectus dated August 18, 2023, with the securities regulatory authorities in each of the provinces of Canada (except Quebec). Copies of the Shelf Prospectus and, the Supplement filed in connection with the Offering, can be found on SEDAR+ at www.sedarplus.ca. The Shelf Prospectus and the Supplement contain important detailed information about the Company and the Offering. Prospective investors should read the Supplement and accompanying Shelf Prospectus and the other documents the Company has filed on SEDAR+ at www.sedarplus.ca before making an investment decision.

In connection with the Offering, the Agent received a cash commission equal to 6.0% of the gross proceeds from the sale of Units pursuant to the Offering (except for certain orders on a president’s list at a reduced fee) and 1,350,000 broker warrants. Each broker warrant entitles the holder thereof to purchase one Common Share at an exercise price equal to $0.15 for a period of 24 months following the closing of the Offering.

This press release is not an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements and applicable U.S. state securities laws.

About Outcrop Silver

Outcrop Silver is advancing the Santa Ana high-grade silver deposit with exploration activities aiming to expand the current mineral resource. Santa Ana is being advanced by a highly disciplined and seasoned professional team with decades of experience in Colombia.