Non-brokered deal is raising funds to advance the Kilgore Gold Project
By Devika Patel
Knoxville, Tenn., April 13 - Otis Gold Corp. said it took in C$50,000 in the second 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 raised C$1.41 million on March 27.
Otis Gold 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 and 250,000 units in the second.
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 purposes.
The resource company is based in Vancouver, B.C.
Issuer: | Otis Gold Corp.
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Issue: | Units of one common share and one half-share warrant
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Amount: | C$1.5 million
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Units: | 7.5 million
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Price: | C$0.20
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Warrants: | One half-share warrant per unit
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Warrant expiration: | 18 months
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Warrant strike price: | C$0.30
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Agent: | Non-brokered
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Pricing date: | Feb. 21
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Upsized: | March 2
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Settlement date: | March 27 (for C$1,408,500), April 13 (for C$50,000)
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Stock symbol: | TSX Venture: OOO
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Stock price: | C$0.19 at close Feb. 17
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Market capitalization: | C$11.41 million
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