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Otis Gold Increases Private Placement Financing To C$1.5 Mln From $0.75 Mln

Otis Gold Corp. (CVE:OOO)(OTCQX:OGLDF) said Friday it has increased its previously announced non-brokered private placement financing from C$750,000 to C$1.5 million.

The company will now issue up to 7.5 million units at a price of C$0.20 each.

Each unit will consist of one common share and one-half of one transferable common share purchase warrant. Each warrant will be exercisable to purchase one common share of the company for a period of 18 months, at a price of C$0.30 per share.

The net proceeds from this private placement will be used for the continued advancement of the Kilgore gold project in Clark County, Idaho, and for general working capital purposes.

The proposed financing is subject to the approval of the TSX Venture Exchange.

Otis Gold Corp. is a Canadian mineral exploration company focused on the acquisition and development of precious metal deposits in Idaho, USA.