VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 15, 2011) - Otis Gold Corp. (News - Market indication)(PINK SHEETS:OGLDF) ("Otis" or the "Company") wishes to announce that is has increased the size of its previously announced $3,010,000 private placement up to $4,050,000, and will now issue up to 5,771,429 units at a price of $0.70 per unit. 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
The forward-looking information contained in this press release is made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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.
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.
