Otis Announces $650,000 Private Placement
May 20, 2015
Vancouver, B.C. – Otis Gold Corp. (“Otis” or the “Company”) is pleased to announce a non-brokered private placement of up to 13,000,000 units (the “Units”) at a price of $0.05 per Unit, for aggregate gross proceeds of up to $650,000. Each Unit will consist of one common share and one 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 $0.15 for 24 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. No Finders Fees or other commissions will be paid in connection with this financing. 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.
Additionally, Otis reports the resignation of Mr. William Reed from the Company’s Board of Directors. Mr. Reed is resigning to focus on other business interests. The Company wishes Mr. Reed the best in his future endeavours and thanks him for his past support and guidance.
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
For additional information, please contact:
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.