Otis Gold Closes Forced Conversion of Warrants

November 13, 2009

Vancouver, B.C. - Otis Gold Corp. (“Otis” or the “Company”) is pleased to announce that it is issuing 4,829,000 common shares for gross proceeds of $1,690,150. The common shares are being issued subject to the terms of forced conversion notices sent to certain warrant holders on October 2, 2009, pursuant to the terms of warrants issued as part of a unit private placement completed in July 2009. No warrants were left unexercised, and there were no placement fees associated with this financing. The proceeds of the warrant conversion will be used for general working capital purposes.

Craig Lindsay, President and CEO of Otis stated: “The exercise of these warrants, combined with the recent closing of the private placement announced on November 2, 2009, generated gross proceeds of $4.1 million. Otis is now fully funded for our planned 2010 work programs, and well-positioned to aggressively advance our gold and silver projects.”

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:

Craig Lindsay
Tel: 604.683.2507
E-mail: craig@otisgold.com

 

 

Mike Belantis
Tel: 403.701.7299
Email: mike@otisgold.com

 

 

 

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.