Otis Increases Non-Brokered Private Placement
Mar 02, 2012
OTC Disclosure News Service
Vancouver, BC, Canada –
Otis Gold Corp. (“Otis” or the “Company”) is pleased to announce that it has increased its previously announced non-brokered private placement from CAD$750,000 to CAD$1,500,000. The Company will now issue up to 7,500,000 units at a price of CAD$0.20 per unit, for aggregate gross proceeds of up to CAD$1,500,000. Each unit will consist of one common share and one-half of one transferable common share purchase warrant (each whole such purchase warrant being a “Warrant”). Each Warrant will be exercisable to purchase one common share of the Company for a period of 18 months, at a price of CAD$0.30 per share.
The net proceeds from this private placement will be used for the continued advancement of the Kilgore Gold Project and for general working capital purposes. Commissions or finder’s fees may be paid to qualified entities up to the rates allowed by the TSX Venture Exchange. The proposed financing is subject to the approval of the TSX Venture Exchange.
About The Company
Otis Gold Corp. is a Canadian-based mineral exploration company focused on the acquisition and development of quality precious metal deposits in Idaho, USA. Otis is currently developing its flagship property, the Kilgore Gold Project, located in Clark County, Idaho (approx. 60 miles north of Idaho Falls).
ON BEHALF OF THE BOARD
“Craig T. Lindsay”
For additional information, please contact:
Tel: (604) 683-2507
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.