VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 03/27/12 — Otis Gold Corp. („Otis“ or „the Company“) (TSX VENTURE: OOO)(OTCQX: OGLDF) wishes to announce it has closed the first tranche of its previously announced non-brokered private placement and has issued 7,042,500 units at a price of $0.20 per unit, for aggregate gross proceeds of $1,408,500. Each unit consists of one common share and one-half of one share purchase warrant (each whole share purchase warrant being a „Warrant“). Each Warrant will be exercisable to purchase one additional common share of the Company for 18 months from closing, at a price of $0.30 per share. The net proceeds from this private placement will be used to advance exploration activities at the Kilgore Gold Project and for general working capital purposes.
Finder-s fees of $64,575 have been paid in cash and 322,875 finders warrants have been issued to qualified parties. All securities issued have a hold period expiring July 23, 2012.
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 Gold Project, located in Clark County, Idaho.
ON BEHALF OF THE BOARD
Craig T. Lindsay, President & CEO
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.
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.
Contacts: Otis Gold Corp. Craig Lindsay (604) 683-2507 (604) 683-2506 (FAX)
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