Otis Gold Closes Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 25, 2013) - Otis Gold Corp. ("Otis" or "the Company") (TSX VENTURE:OOO)(OTCQX:OGLDF) wishes to announce that it has closed the previously announced non-brokered private placement and has issued 6,300,000 units ("Units") at a price of $0.05 per Unit, for aggregate gross proceeds of $315,000. Each Unit consists of one common share and one non-transferable common share purchase warrant (a "Warrant"). Each Warrant may be exercised by the holder to purchase an additional common share of the Company, at a price of $0.10 for 18-months from closing. All funds are in Canadian dollars. The net proceeds from this private placement will be used for general working capital purposes. Finder's fees of $4,050 have been paid in cash and 81,000 finders warrants have been issued to qualified parties.
The Company's President and CEO, Mr. Craig Lindsay, subscribed for 1.0 million of these units.
On an unrelated matter, the Company announces the resignation of Mr. Norm Eyolfson from the board of directors. Mr. Eyolfson has resigned to pursue other activities. The Company thanks Mr. Eyolfson for his tireless work on behalf of the Company, and wishes him well in his future endeavors.
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 & CEO
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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.