Otis Raises $1.3 Million Through Sale of Non-Core Asset
VANCOUVER, British Columbia, Nov. 08, 2018 (GLOBE NEWSWIRE) -- Otis Gold Corp. (“Otis” or the “Company”) (TSX-V: OOO) (OTC: OGLDF) is pleased to announce that it has raised a total of approximately $1,320,000 through the sale of 2,000,000 common shares of Revival Gold Inc. (“Revival”). A total of 1,771,000 shares were sold in a private transaction and the remainder were sold through the TSX-Venture Exchange. The sale of these shares provides non-dilutive capital to fund the ongoing development of both the Kilgore and Oakley Projects and for general working capital purposes. The Company’s remaining shareholding in Revival, totaling approximately 750,000 shares, will be held for investment purposes. The shares in Revival were received in June 2017 as partial compensation for the sale of two non-core claim blocks known as the Hai and Gold Bug Projects (see Otis News Release dated June 30, 2017).
Otis President and CEO, Craig Lindsay, stated: “We are very pleased to have generated non-dilutive capital in a challenging market to fund our operations. In addition to generating capital today, we remain exposed to an upside revaluation in our remaining shareholding in Revival, a company in which we see good potential for growth.”
About the Kilgore Project
The Kilgore Project lies on the north-eastern margin of the Miocene-Pliocene Kilgore Caldera complex in the Eastern Snake River Plain, Idaho. The Kilgore Project contains the Kilgore Deposit with a current NI 43-101 compliant resource: Indicated Resource of 825,000 ounces Au in 44.6 million tonnes at a grade of 0.58 g/t Au and an Inferred Resource of 136,000 ounces Au in 9.4 million tonnes at a grade of 0.45 g/t Au (the “Deposit”). The Kilgore Deposit is a low-sulphidation, gold bearing, quartz-adularia epithermal system hosted in Tertiary volcanic rocks, local Tertiary intrusive rocks, and basement Late Cretaceous, Aspen Formation sedimentary rocks.
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 Project, located in Clark County, Idaho and the Oakley Project, located in Cassia County, Idaho.
ON BEHALF OF THE BOARD
“Craig T. Lindsay”
President & CEO
For additional information, please contact:
Mr. Tony Perri – Corporate Development
Tel: (604) 424-8100 Email: tony@otisgold.com
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.
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.
