Otis Gold Corp. (TSXV:OOO) is announces that, subject to regulatory approval of the transaction detailed below, it will become a greater than 10% shareholder of Strata Minerals Inc. (TSX:SMP) (“Strata“). Otis Capital USA Corp. (a wholly owned subsidiary of Otis) has sold several non-core mineral properties in Lehmi County, Idaho (referred to as the Hai …
Otis Capital USA Corp. (a wholly owned subsidiary of Otis) has sold several non-core mineral properties in Lehmi County, Idaho (referred to as the Hai and Goldbug projects) to a subsidiary of Strata. Otis will be issued 2,750,000 common shares of Strata at a deemed price of $0.25 per share, for total deemed consideration of CDN$687,500. Strata is a reporting issuer listed for trading on the NEX board of the TSX-V.
Prior to the transaction, Otis did not own any securities of Strata. Following the closing of the transaction, Otis will own 2,750,000 common shares of Strata (representing approximately 11.14% of the issued and outstanding capital of Strata). A report of this acquisition will be electronically filed with the applicable Securities Commissions and will be available for viewing at the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) located at www.sedar.com.
About the Company
Otis is a resource company focused on the acquisition, exploration, and development of precious metal deposits in Idaho, USA. Otis is currently developing its flagship property, the Kilgore Project, located in Clark County, Idaho.
ON BEHALF OF THE BOARD
“Craig T. Lindsay”
President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This News Release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “US Securities Act”) or any State securities laws, and may not be offered or sold within the United States or to US Persons unless registered under the US Securities Act and applicable State securities laws, or an exemption from such registration is available.
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