Otis Gold Closes Private Placement
April 14, 2014
Vancouver, B.C. – Otis Gold Corp. (“Otis” or “the Company”) wishes to announce that it has closed the non-brokered private placement previously announced on April 7, 2014, and has issued 5,717,143 units (“Units”) at a price of $0.07 per Unit, for gross proceeds of $400,200. Each Unit consists of one common share (a “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 a period of 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.
Finder’s fees of $12,250 have been paid in cash, and 245,000 Finders Units, which comprise of 245,000 Shares issued at $0.07 and 245,000 Warrants exercisable at $0.10 for a period of 18 months from closing have been issued, to qualified parties. All securities issued have a hold period expiring August 12, 2014.
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
Neither TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.