Otis Increases Non-brokered Private Placement
March 2, 2012
VANCOUVER, BC - Otis Gold Corp. (“Otis” or the “Company”) is pleased to announce that it has increased its previously announced non-brokered private placement from CAD$750,000 to CAD$1,500,000. The Company will now issue up to 7,500,000 units at a price of CAD$0.20 per unit, for aggregate gross proceeds of up to CAD$1,500,000. Each unit will consist of one common share and one-half of one transferable common 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 a period of 18 months, at a price of CAD$0.30 per share.
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. Commissions or finder's fees may be paid to qualified entities up to the rates allowed by the TSX Venture Exchange. The proposed financing is subject to the approval of the TSX Venture Exchange.
About The Company
Otis Gold Corp. is a Canadian-based mineral exploration company focused on the acquisition and development of quality precious metal deposits in Idaho, USA. Otis is currently developing its flagship property, the Kilgore Gold Project, located in Clark County, Idaho (approx. 60 miles north of Idaho Falls).
ON BEHALF OF THE BOARD
“Craig T. Lindsay”
President & CEO
For additional information, please contact:
Tel: (604) 683-2507
Neither TSX Venture Exchange nor its Regulation Services Provider (as 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 “US Securities Act”) or any State securities laws, and may not be offered or sold within the United States or to US Persons unless registered under the US Securities Act and applicable State securities laws, or an exemption from such registration is available.