Otis Gold Closes 2nd Tranche of Private Placement
April 13, 2012
Vancouver, B.C. – Otis Gold Corp. (“Otis” or “the Company”) wishes to announce that it has closed the second tranche of the previously announced non-brokered private placement and has issued 250,000 units at a price of $0.20 per unit, for aggregate gross proceeds of $50,000. Each unit consists of one common share and one-half 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 $0.30 per share. The net proceeds from this private placement will be used to advance exploration activities at the Kilgore Gold Project and for general working capital purposes.
Finder's fees of $3,500 have been paid in cash and 17,500 finders warrants have been issued to qualified parties. All securities issued have a hold period expiring August 11, 2012.
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 & CEO
For additional information, please contact:
Tel: (604) 683-2507
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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 “US Securities Act”) or any State securities laws, and may not be offered or sold within the United States or to US Persons unless registered under the US Securities Act and applicable State securities laws, or an exemption from such registration is available.