VANCOUVER, BRITISH COLUMBIA–(Marketwired – Feb. 24, 2017) – Otis Gold Corp. (“Otis” or the “Company”) (TSX VENTURE:OOO)(OTC PINK:OGLDF) is pleased to announce that Agnico Eagle Mines Limited (“Agnico”) has agreed to acquire, by way of private placement, 14,420,000 common shares (“Common Shares”) of Otis at a price of $0.35 per Common Share for proceeds of $5,047,000 (the “Transaction”). On closing of the Transaction, Agnico will own approximately 9.95% of the issued and outstanding Common Shares on a non-diluted basis (after giving effect to the Transaction, but otherwise assuming that the number of issued and outstanding Common Shares as at the date hereof remains unchanged). The proceeds from the Transaction shall be primarily used for exploration at the Kilgore Gold Project located in Clark County, Idaho as well as working capital and general corporate purposes.
