GREY:OGLDF - Post by User
Post by
bcjton Oct 18, 2010 3:26pm
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Post# 17578242
Otis arranges $2.2-million private placement
Otis arranges $2.2-million private placement2010-10-18 13:05 MT - News Release
Mr. Craig Lindsay reports
OTIS ANNOUNCES $2,200,000 PRIVATE PLACEMENT
Otis Gold Corp. has arranged a non-brokered private placement of up to four million units at a price of 55 cents per unit, for aggregate gross proceeds of up to $2.2-million. Each unit will comprise one common share and one transferable common share purchase warrant (each whole such purchase warrant being a warrant). Each warrant will be exercisable to purchase one common share of the company for 18 months, at a price of 80 cents per share.
The net proceeds from this private placement will be used for general working capital purposes. Commissions or finders' fees may be paid to qualified entities up to the rates allowed by the TSX Venture Exchange. The financing is subject to the approval of the TSX Venture Exchange.
bcjt