VANCOUVER, BRITISH COLUMBIA, Feb 22, 2011 (MARKETWIRE via COMTEX News Network) --
Otish Energy Inc. (the "Company") (TSX VENTURE: OEI) announces that it has arranged, subject to the acceptance of the TSX Venture Exchange, a private placement totaling $500,000. These funds will be raised by the Company issuing up to 2.5 million units at a price of $0.20 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 $0.25.
Finder's 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 further exploration on the Company's properties and for working capital purposes.