Otis Gold Closes Second Tranche of October 2010 Private Placement
March 14, 2011
Vancouver, B.C. – Otis Gold Corp. (“Otis” or “the Company”) wishes to announce it has closed the second and final tranche of the non-brokered private placement announced October 18, 2010 and has issued 460,000 units at a price of $0.55 per unit, for aggregate gross proceeds of $253,000. Each unit will consist of one common share and one share purchase warrant. Each warrant will be exercisable to purchase one additional common share of the Company for 18 months from closing, at a price of $0.80 per share. The net proceeds from this private placement will be added to working capital. Finder’s fees of $25,200 have been paid in cash to qualified parties. All securities issued have a hold period expiring July 9, 2011.
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.
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.