Otis Increases Private Placement
February 15 2011 - 5:28PM
Marketwired
Otis Gold Corp. (TSX VENTURE: OOO)(PINK SHEETS: OGLDF) ("Otis" or
the "Company") wishes to announce that is has increased the size of
its previously announced $3,010,000 private placement up to
$4,050,000, and will now issue up to 5,771,429 units at a price of
$0.70 per unit. Each unit will consist of one common share and one
half 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 18 months, at a price of $1.10 per
share.
The net proceeds from this private placement will be used 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 financing is subject to the approval 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.
The Company is currently developing its flagship property, the
Kilgore Gold Project, Clark County, Idaho and has several other
gold, silver and base metal projects located in Idaho.
ON BEHALF OF THE BOARD
Craig T. Lindsay, President and CEO
The forward-looking information contained in this press release
is made as of the date hereof and the Company undertakes no
obligation to update publicly or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, unless so required by applicable securities laws.
This news release does not constitute an offer to sell or a
solicitation of an offer to sell any securities in the United
States. The securities 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 may not be
offered or sold within the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is
available.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Otis Gold Corp. Craig T. Lindsay President and CEO
604.683.2507 604.683.7589 (FAX) craig@otisgold.com
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