2010-06-29 14:48 ET – News Release
Mr. Steve Smith reports
OTISH ENERGY ANNOUNCES PRIVATE PLACEMENT
Otish Energy Inc. has negotiated, subject to the acceptance of the TSX Venture Exchange, a non-brokered private placement totalling $500,000. These funds will be raised by the company issuing up to 7,142,857 units at a price of seven 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 two years, at a price of 10 cents during the first year and at a price of 15 cents during the second year.
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 further exploration on the company’s properties and for working capital purposes.
We seek Safe Harbor.
