Otish changes name to Arrowhead Gold, plans private placement

Otish Energy Inc. announced Friday the special resolution relating to the change of name from Otish Energy Inc to Arrowhead Gold Corp, has been approved at the annual and special meeting of shareholders held in Toronto on July 28th, 2011.

Other business transacted at the annual and special meeting included: the re-election of Steve Smith, Zachery Dingsdale, Ick Boga, Mark Fekete and Albert Timcke as directors; the appointment of BDO Canada LLP as auditor of the company; and the approval of the company’s rolling stock option plan.

The Company has arranged, subject to the acceptance of the TSX Venture Exchange, a private placement totalling $490,000. These finances will be raised by the company issuing up to 3.5 million units at a price of 14 cents per unit, each unit consisting of one common share and one-half of one share purchase warrant. Each whole warrant will entitle the holder, on exercise, to purchase one common share for a period of one year, at a price of 25 cents.

Finders’ fees may be payable on a portion of the private placement, in accordance with the policies of the TSX Venture Exchange. The net proceeds of the private placement will be used to drill the company’s wholly owned Puruni Gold project in Guyana, SA and for working capital purposes.