Outlook Resources Inc.
TSX VENTURE : OLR

Outlook Resources Inc.

May 26, 2006 10:04 ET

Outlook Announces First Closing of Private Placement Financing

TORONTO, ONTARIO--(CCNMatthews - May 26, 2006) - Outlook Resources Inc. ("Outlook" or the "Company") (TSX VENTURE:OLR) wishes to announce that further to its press release of May 17, 2006, it has it has completed a first closing of its private placement financing by issuing 2,560,000 units priced at $0.05 per unit for gross proceeds of $128,000.

Each unit (a "Unit") consists of one common share of the Company and one share purchase warrant (each a "Warrant"). Each Warrant will entitle the holder to acquire an additional common share at the price of $0.10 per share until May 24, 2008.

The Company paid First Canadian Capital Markets Ltd. a finder's fee of $7,500 and issued 150,000 compensation warrants exercisable at $0.10 per share until May 24, 2008.

Included in this closing were the subscriptions by three insiders of the Company, William R. Johnstone, Robert Farah and Dale Schofield who each subscribed for 120,000 Units (360,000 Units in the aggregate) for proceeds of $6,000 ($18,000 in the aggregate).

The insider private placements are exempt from the valuation and minority shareholder approval requirements of OSC Rule 61-501 (the "Rule") by virtue of the exemptions contained in section 5.5(2) and 5.7(2) of the Rule in that the fair market value of the consideration for the securities of the Company to be issued does not exceed 25% of its market capitalization.

The securities comprising the Units will be legended and restricted from trading until September 24, 2006.

The funds received from this private placement will be used for working capital.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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