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October 2, 2009 OOO (TSX-V)
Vancouver, B.C. - Otis Gold Corp. (the "Company") advises that it has issued forced conversion notices to the holders of approximately 4,829,000 share purchase warrants (the "Warrants") which were purchased and issued pursuant to a unit private placement which completed in July, 2009. The Warrants are exercisable to purchase one common share per warrant at a price of $0.35 in the first year and at a price of $0.55 in the second year.
The Warrants contain a provision whereby if, during the first year, the Company's weighted average share price for 20 consecutive trading days equals or exceeds $0.50, the Company may give notice to the Warrant holders that they must exercise their remaining Warrants within a period of 30-days from the date of receipt of the notice. The Company's common shares have now traded at a weighted average price of greater than $0.50 for more than 20-consecutive days. Any Warrants remaining unexercised after the expiration of the 30-day notice period will be cancelled and will thereafter be of no force or effect.
Although it is unknown how many of the Warrants will be exercised, in the event that all Warrants are exercised, the Company will receive approximately $1,677,450 which will be added to working capital. Of the shares issued due to the forced conversion, up to 4,702,000 shares will be subject to a hold period expiring October, 27, 2009, and up to 127,000 will be subject to a hold period expiring December 22, 2009.
About the Company
Otis currently owns five precious metal projects located in Idaho and Nevada, two of which (the Kilgore Gold Project and the Oakley Gold Project) contain National Instrument Policy 43-101 compliant resources totaling in excess of 700,000 ounces of gold.
ON BEHALF OF THE BOARD
"Craig T. Lindsay"
President and CEO
For additional information, please contact:
Tel: 604.683.2507 Fax: 604.683.2506
#350 - 409 Granville Street, Vancouver, B.C., V6C 1T2
E-mail: craig@otisgold.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.
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 "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Copyright (c) 2009 Thenewswire.ca - All rights reserved.
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