VANCOUVER, British Columbia, Dec. 12, 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 $502,500 through the sale of its remaining 750,000 common shares of Revival Gold Inc. (“Revival”). Following the sale, Otis retains exposure to Revival through a 1.0% net smelter royalty on 16 federal lode mining claims totaling approximately 331 acres of what is known as the Arnett Creek Project, Lemhi County, Idaho. The royalty is subject to a US$2 million buyback option in favour of Revival. The sale of these shares provides non-dilutive capital to fund the ongoing development of the Kilgore and Oakley Projects and for general working capital 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), and the area is currently subject to an ongoing drilling program by Revival (see Revival News Release dated Dec. 4, 2018).
Otis President and CEO, Craig Lindsay, stated: “Over an 18-month period we converted 16 non-core mining claims into total cash of approximately $1,900,000, and still retain exposure going forward to the exciting Arnett Creek project in the form of a net smelter royalty. We will closely follow Revival’s ongoing progress at Arnett Creek, and wish them well in their development activities.”
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: email@example.com
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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.