Otis Announces Private Placement
February 2, 2011
Vancouver, B.C. – Otis Gold Corp. (“Otis” or the “Company”) is pleased to announce a non-brokered private placement of up to 4,300,000 units at a price of $0.70 per unit, for aggregate gross proceeds of up to CDN$3,010,000. Each unit will consist of one common share and one half share purchase warrant (each whole such purchase warrant being a "Warrant"). Each Warrant will be exercisable to purchase one common share of the Company for 18 months, at a price of $1.10 per share.
The net proceeds from this private placement will be used for general working capital purposes. Commissions or finder's fees may be paid to qualified entities up to the rates allowed by the TSX Venture Exchange. The financing is subject to the approval of the TSX Venture Exchange.
About the Company
Otis is a resource company focused on the acquisition, exploration, and development of precious metal deposits in Idaho. The Company is currently developing its flagship property, the Kilgore Gold Project, Clark County, Idaho and has several other gold, silver and base metal projects located in Idaho.
ON BEHALF OF THE BOARD
“Craig T. Lindsay”
President and CEO
For additional information, please contact:
Tel: 604-683-2507 Fax: 604-683-7589
880-609 Granville Street, PO Box 10321, Pacific Centre, Vancouver, B.C. V7Y 1G5