Otis Gold Closes $4.0 million Private Placement
February 23 2011 - 7:13PM
Marketwired
Otis Gold Corp. (TSX VENTURE: OOO) ("Otis" or "the Company") wishes
to announce it has closed its non-brokered private placement and
has issued 5,780,557 units at a price of $0.70 per unit, for
aggregate gross proceeds of $4,046,390. Each unit will consist of
one common share and one-half of one share purchase warrant (each
whole share purchase warrant being a "Warrant"). Each Warrant will
be exercisable to purchase one additional common share of the
Company for 18 months from closing, at a price of $1.10 per share.
The net proceeds from this private placement will be used for
general working capital purposes. Finder's fees of $209,985 have
been paid in cash and 131,186 finders warrants have been issued to
qualified parties. All securities issued have a hold period
expiring June 25, 2011.
Additionally, Otis announces that 800,000 stock options having
an exercise price of $0.70 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 approved on November 21,
2008 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.
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 Lindsay President and CEO
604-683-2507 604-683-2506 (FAX) craig@otisgold.com
www.otisgold.com
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