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Otis Gold raises $1.32M from Revival Gold share sale

The shares were received in June last year for the partial compensation for the sale of two non-core claim blocks known as the Hai and Gold Bug projects
Otis Gold raises $1.32M from  Revival Gold share sale
Otis has brought in around $1.32M

Otis Gold Corp (CVE:OOO) has raised around $1.32 million from the sale of a non-core asset, namely 2 million shares of Revival Gold Inc.

The shares were received in June last year for the partial compensation for the sale of two non-core claim blocks known as the Hai and Gold Bug projects. The firm's remaining shareholding in Revival, which total around 750,000 shares, will be held for investment purposes.

"We are very pleased to have generated non-dilutive capital in a challenging market to fund our operations," said Craig Lindsay, Otis president and CEO.

"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."

The company's main asset is the Kilgore project, which lies on the north-eastern margin of the Miocene-Pliocene Kilgore Caldera complex in the Eastern Snake River Plain in Idaho.

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