Company's non-brokered offering to finance general working capital
By Devika Patel
Knoxville, Tenn., Feb. 2 - Otis Gold Corp. announced it will conduct a non-brokered private placement of units. The offering is expected to raise C$3.01 million.
The company will sell 4.3 million units at C$0.70 each. Each unit consists of one common share and one half-share warrant. Each whole warrant is exercisable at C$1.10 for 18 months.
The strike price reflects a 46.67% premium to the Feb. 1 closing share price of C$0.75.
Proceeds will be used for general working capital.
Otis is a resource company in Vancouver, B.C.
| Issuer: | Otis Gold Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$3.01 million
|
| Units: | 4.3 million
|
| Price: | C$0.70
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$1.10
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 2
|
| Stock symbol: | TSX Venture: OOO
|
| Stock price: | C$0.75 at close Feb. 1
|
| Market capitalization: | C$20.97 million
|
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