Otis Gold Corp. (CVE:OOO)(OTCQX:OGLDF) announced today that it has closed the second tranche of the previously announced non-brokered private placement, for gross proceeds of $50,000.
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
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.