Otis Gold Closes Private Placement
November 2, 2009
Vancouver, B.C. - Otis Gold Corp. (the “Otis”) wishes to announce it has closed its non-brokered private placement and has issued 3,744,539 units at a price of $0.65 per unit, for aggregate gross proceeds of $2,433,950.12. Each unit consists of one common share and one half of one share purchase warrant. One full warrant is required to purchase an additional common share for two years, for $0.90 in year one and $1.25 in year two. The net proceeds from this private placement will be used for general working capital purposes.
Finders fees of $114,862.51 have been paid in cash to qualified parties.
All securities issued have a hold period expiring February 28, 2010.
About the Company
Otis currently owns five precious metal projects located in Idaho and Nevada, two of which (the Kilgore Gold Project and the Oakley Gold Project) contain National Instrument Policy 43-101 compliant resources totaling in excess of 700,000 ounces of gold.
ON BEHALF OF THE BOARD
“Craig T. Lindsay”
President and CEO
For additional information, please contact:
Neither 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 press release, which has been prepared by management.
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.