VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 15, 2016) - Otis Gold Corp. (TSX VENTURE:OOO)(OTC PINK:OGLDF)("Otis" or the "Company") is pleased to announce that its financing detailed in a news release dated November 25, 2016 has been increased to $800,000 and is fully subscribed. Otis will now proceed to close the financing and file for approval with the TSX Venture Exchange. Under the terms of the financing, Otis will issue 2,962,963 common shares at $0.27 per share for gross proceeds of $800,000. No warrants are attached to this financing. Certain current shareholders and insiders of the Company are participating, with insiders, specifically, accounting for approximately 22%, or $177,500, of the financing. Securities issued will be subject to a four-month hold period, and finders fees will be paid on a portion of the financing. 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.
About the Kilgore Gold Project
The Kilgore Gold Project contains a current (dated September 12, 2012) NI 43-101 Indicated Resource of 520,000 ounces (oz) Au in 27.4 million tonnes at a grade of 0.59 g/t Au and an Inferred Resource of 300,000 oz Au in 20.2 million tonnes at a grade of 0.46 g/t Au (the "Deposit"). The Deposit is part of an extensive low-sulfidation quartz-adularia epithermal hydrothermal system hosted in Tertiary volcanic rocks and basement Aspen Formation calcareous siltstone, shale, and sandstone of Late Cretaceous age. Gold mineralization is of the traditional disseminated, bulk-tonnage type similar to that comprising the classic volcanic-hosted gold deposit at Round Mountain, Nevada.
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
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.
The forward-looking information contained in this press release is made as of the date hereof, and Otis 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.