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Otis Gold Corp. (TSXV:OOO) announced the closing of non-brokered private placement for gross proceeds of $650,000, consisting of 13,000,000 units priced at $0.05 per unit. Finds are in Canadian dollars, with all securities issued having a hold period expiring October 20, 2015.
As quoted in the press release:
Otis Gold Corp. (“Otis” or “the Company”) is pleased to announce that it has closed the non-brokered private placement announced on May 20, 2015. In connection with this private placement, 13,000,000 units (“Units”) at a price of $0.05 per Unit have been issued for gross proceeds of $650,000. Each Unit consists of one common share (a “Share”) and one transferable common share purchase warrant (a “Warrant”). Each Warrant may be exercised by the holder to purchase an additional common share of the Company, at a price of $0.15 for a period of 24 months from closing. All funds are in Canadian dollars. All securities issued have a hold period expiring October 20, 2015. The Company’s President & CEO, Craig Lindsay, subscribed for 1,000,000 units.
The net proceeds from this private placement will be used for the continued advancement of the Kilgore Gold Project and for general working capital purposes.
Click here to read the Otis Gold Corp. (TSXV:OOO) press release