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Otso Gold Corp. FIEIF


Primary Symbol: V.OTSO

Otso Gold Corp is a gold mining company. The company's only segment being acquisition and exploration of gold resource properties. Geographically, it has a presence in the Americas and Europe.


TSXV:OTSO - Post by User

Bullboard Posts
Post by rborhion Jul 17, 2020 11:53am
163 Views
Post# 31281527

News today

News today

Otso Gold Completes $170,000 Equity Financing And Agrees To Extend Maturity Date On Its $419,000 Principal Amount Of 9% Convertible Debentures

July 17, 2020 - TheNewswire - Toronto, ON - Otso Gold Corp. ("Otso" or the "Company"), (TSXV:OTSO) announces that, further to its press release dated June 12, 2020, it has closed an additional $100,000 tranche with funds received from Alumina Partners (Ontario) Ltd ("Alumina") pursuant to an investment agreement between Otso and Alumina which was previously announced on May 12, 2020. In addition, a further $70,000 in proceeds were raised from certain other arm's length subscribers. In aggregate, the Company issued 3,400,000 units (the "Units") at $0.05 per Unit (the "Offering"). Each Unit is comprised of one common share (each, a "Common Share") and one common share purchase warrant (each, a "Warrant"). Each Warrant is exercisable into one Common Share at a price of $0.06 per share for a period of 60 months from the closing of the Offering. The securities issued pursuant to the Offering bear a four month and one day resale legend. In addition, no commissions were paid in connection with the Offering. As previously announced, the Company is focused on minimizing large dilutionary raises until the closure of a holistic financing solution. The proceeds of the Offering will be used for general working capital purposes and progressing with the geology towards completion of the optimised mining plan and the April 2021 planned restart of the Otso Gold Mine.

$419,000 9% Convertible Debentures

The Company has reached an agreement with the registered holder of Otso's $419,000 principal amount of 9% convertible debentures due June 30, 2020, to extend such maturity date to December 30, 2020.

In connection with extending the maturity date to December 30, 2020, Otso has agreed, subject to receipt of TSX Venture Exchange approval, to issue to the holder a 'loan bonus', in accordance with TSXV Policy 5.1 - Loans, Loan Bonuses, Finder's Fees and Commissions, in the form of bonus warrants that would have 50% warrant coverage, a one year term and an exercise price of $0.09. Again, the Company has sought to extend the payment date with a view to minimizing dilution as value is reestablished in advance of the financing solution being completed.

For further information, please contact:

Clyde Wesson
Vice President

1 917 287 0716

info@otsogold.com
www.otsogold.com

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