Otis Announces Non-Brokered Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 7, 2014) - Otis Gold Corp. ("Otis" or the "Company") (TSX VENTURE:OOO)(OTCQX:OGLDF) is pleased to announce a non-brokered private placement of up to 5,715,000 units (the "Units") at a price of $0.07 per Unit, for aggregate gross proceeds of up to $400,000. Each Unit will consist of one common share and one non-transferable common share purchase warrant (a "Warrant"). Each Warrant may be exercised by the holder to purchase an additional common share of the Company, at a price of $0.10 for 18-months from closing. All funds are in Canadian dollars.
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. All securities issued will be subject to a hold period of four months from closing
The proposed 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, 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
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.
The forward-looking information contained in this press release is made as of the date hereof and Otis 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.
