Non-brokered deal is raising funds to advance the Kilgore Gold Project
By Devika Patel
Knoxville, Tenn., March 27 - Otis Gold Corp. said it raised C$1.41 million in the first tranche of a C$1.5 million non-brokered private placement of units. The deal priced Feb. 21 and was increased from C$750,000 on March 2.
The company is selling 7.5 million units of one common share and one half-share warrant at C$0.20 per unit. It sold 7,042,500 units in the first tranche.
The whole warrants are each exercisable for 18 months at C$0.30, a 57.9% premium to C$0.19, the Feb. 17 closing share price.
Proceeds will be used to advance the Kilgore Gold Project and for general working capital.
Otis Gold 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$1.5 million
|
| Units: | 7.5 million
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.30
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 21
|
| Upsized: | March 2
|
| Settlement date: | March 27 (for C$1,408,500)
|
| Stock symbol: | TSX Venture: OOO
|
| Stock price: | C$0.19 at close Feb. 17
|
| Market capitalization: | C$12.75 million
|
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