Otish Energy Announces Increase to Private Placement
VANCOUVER, BRITISH COLUMBIA--(March 11, 2011) - Otish Energy Inc. (the "Company") (TSX VENTURE:OEI) - Steve Smith, the President of the Company announces that due to increased demand, the Company has agreed to increase the private placement announced on February 22, 2011 from $500,000 to $638,500. These funds will be raised by the Company issuing up to 3,167,500 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 private placement is subject to the approval 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.