The second tranche consisted of 250,000 units at a price of 20 cents each. Each unit consisted of one common share and one half share purchase warrant. Each warrant will be exercisable for one additional share at a price of 30 cents for a period of 18 months from closing.
In late March, the company closed the first tranche of the offering, which consisted of 7.04 million units at 20 cents each, for proceeds of roughly $1.4 million.
The new funds will be used to advance exploration activities at the Kilgore gold project in Clark County, Idaho and for general working capital purposes.
The company said finder's fees of $3,500 have been paid in cash, along with 17,500 finders warrants.
Otis Gold Corp. is a Canadian mineral exploration company focused on the acquisition and development of precious metal deposits in Idaho, USA.