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Outcrop Silver & Gold Corporation (TSX: OCG) (OTCQX: OCGSF) (DE: MRG) ("Outcrop Silver" or the "Company") is pleased to announce a change in management and an additional member to the Board of Directors of Outcrop Silver. Rob Bruggeman will become the Chief Executive Officer of Outcrop Silver, and will join the Board of Directors, effective immediately, bringing the total number of directors to six.
Mr. Bruggeman brings more than 20 years of experience across capital markets, corporate development, and executive leadership in the mining sector. As former Chairman and Interim CEO of AbraSilver Resource Corp., he led a transformation that saw the company grow from approximately $10 million to over $1 billion in market capitalization, alongside a merger, balance sheet restructuring, and advancement of its core silver-gold assets.
Mr. Bruggeman is a CFA charterholder and former Professional Engineer (Ontario), with a background that combines technical and financial expertise focused on capital allocation, corporate strategy, and building companies through key stages of growth.
Rob Bruggeman, incoming CEO, commented:
"Silver is hitting unprecedented highs, yet attractive primary silver projects are rarer than ever. Between a supply-demand deficit and the world-class grades at Santa Ana, we have the perfect storm – and a rare opportunity – to build an exceptional company at Outcrop Silver."
Ian Harris, outgoing CEO and incoming Chairman, commented:
"Rob's track record makes him the right leader for this next phase. Outcrop is well financed with a strong balance sheet and a solid foundation. I look forward to working closely together as we continue to advance Santa Ana and build on our approach to responsible development and community partnership in Colombia."
The Company intends to grant Rob Bruggeman 1,000,000 options at $0.36 with a five year term expiring April 17, 2031, vesting at 1/4th quarterly, as well as 1,000,000 inducement shares vesting 1/4th of the total shares quarterly, subject to the approval of the TSX if required.
The Company has also granted 5,350,000 options to directors, officers, employees and consultants at $0.36 with a five year term expiring April 17, 2031, vesting at 1/4th quarterly. The Company has granted 2,350,000 restricted stock units ("RSUs") vesting quarterly over twelve months. The Company has granted 3,000,000 deferred stock units ("DSUs") to directors. The options, RSUs and DSUs, have all been granted in accordance with the terms of the Company's current equity incentive plans.
Ian Harris is stepping into the role of Chair of the Board of Directors and resigning as CEO. Jay Sujir will remain on the Board but will resign as Chair.
Amandip Singh has resigned as Vice President, Corporate Development. Guillermo Hernandez Pineda has resigned as Vice President, Exploration. The Company thanks them for their contributions.
About Outcrop Silver
Outcrop Silver is a leading explorer and developer focused on advancing its flagship Santa Ana high-grade silver project in Colombia. Leveraging a disciplined and seasoned team of professionals with decades of experience in the region, Outcrop Silver is dedicated to expanding current mineral resource estimates through strategic exploration initiatives.
At the core of our operations is a commitment to responsible mining practices and community engagement, underscoring our approach to sustainable development. Our expertise in navigating complex geological and market conditions enables us to consistently identify and capitalize on opportunities to enhance shareholder value. With a deep understanding of the Colombian mining landscape and a track record of successful exploration, Outcrop Silver is poised to transform the Santa Ana project into a significant silver producer, contributing positively to the local economy and setting new standards in the mining industry.
ON BEHALF OF THE BOARD OF DIRECTORS
Ian Harris
Chief Executive Officer
+1 604 638 2545
harris@outcropsilver.com
www.outcropsilver.com
Kathy Li
Vice President of Investor Relations
+1 778 783 2818
li@outcropsilver.com
Neither the TSX nor its Regulation Services Provider (as such term is defined in the policies of the TSX ) accepts responsibility for the adequacy or accuracy of this release.
Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "potential," "we believe," or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Outcrop Silver to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including: the receipt of all necessary regulatory approvals, capital expenditures and other costs, financing and additional capital requirements, general economic, market and business conditions, new legislation, uncertainties resulting from potential delays or changes in plans, political uncertainties, and the state of the securities markets generally. Although management of Outcrop Silver have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Outcrop Silver will not update any forward-looking statements or forward-looking information that are incorporated by reference.
SOURCE Outcrop Silver & Gold Corporation
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