Otis Gold Closes Second Tranche of October 2010 Private Placement
March 14 2011 - 6:57PM
Marketwired
Otis Gold Corp. (TSX VENTURE: OOO)(PINK SHEETS: OGLDF) ("Otis" or
"the Company") wishes to announce it has closed the second and
final tranche of the non-brokered private placement announced
October 18, 2010 and has issued 460,000 units at a price of $0.55
per unit, for aggregate gross proceeds of $253,000. Each unit will
consist of one common share and one share purchase warrant. Each
warrant will be exercisable to purchase one additional common share
of the Company for 18 months from closing, at a price of $0.80 per
share. The net proceeds from this private placement will be added
to working capital. Finder's fees of $25,200 have been paid in cash
to qualified parties. All securities issued have a hold period
expiring July 9, 2011.
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
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 craig@otisgold.com www.otisgold.com
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