VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 22, 2011) - 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.
On Behalf of the Board of Otish Energy Inc.
Steve Smith, President
This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The Company disclaims any intention or obligation to revise or update such statements.
Contact Information: Otish Energy Inc.
604 642-0116 (FAX)