Otis Gold Corp. (TSX-V:OOO) (OTC PINK:OGLDF) is pleased to announce that it has closed its previously announced non-brokered private placement. In connection with this private placement, 13,522,709 common shares at a price of $0.17 per share will be issued for gross proceeds of $2,298,860. No warrants were issued in connection with this financing. Cash finder’s fees of $23,460 have been paid in connection with the transaction. All funds are in Canadian dollars. All securities issued pursuant to the private placement will be subject to a statutory four month hold period under applicable securities laws. 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.
One subscriber to the private placement will become a greater than 10% shareholder (a de facto Insider of the Company) and this will trigger a collateral statutory early warning disclosure requirement and announcement will be made by or on behalf of the affected subscriber as required.
The Company also advises that up to 2,000,000 stock options having an exercise price of $.18 per common share have been granted to various directors, officers and consultants of the Company. The options have been granted in accordance with the terms of the Company’s 10% rolling Stock Option Plan and the Policies of the TSX Venture Exchange.
About the Company
Otis is a resource company focused on the acquisition, exploration, and development of precious metal deposits in Idaho, USA. Otis is currently developing its flagship property, the Kilgore Gold Project, located in Clark County, Idaho.
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