Outlook Resources Inc.

Outlook Resources Inc.

November 03, 2009 08:30 ET

Outlook Resources Inc. Unit Private Placement Fully Subscribed

TORONTO, ONTARIO--(Marketwire - Nov. 3, 2009) - Outlook Resources Inc. ("Outlook or the Company")(TSX VENTURE:OLR), is pleased to announce that its unit private placement announced September 24, 2009 was fully subscribed and has closed. The funds will be used to make incremental capital improvements to its Agassiz Aqua Farms operation, to acquire ERTH Solutions Inc., as announced in Outlook's Press Release of September 22, 2009, and for working capital for Outlook, Agassiz and ERTH Solutions.

Outlook placed 18,750,000 units of the Company at a price of $0.04 per unit, for gross proceeds of $750,000. Each unit consists of one common share of the Company and one share purchase warrant. Each Warrant entitles the holder to acquire an additional common share at the price of $0.05 per share for the first year and $0.10 per share for the second year following Closing. The securities issued bear a legend and are restricted from trading until at least March 1, 2010. The Company paid a finder's fee of $53,000 in cash together with 1,325,000 Compensation Warrants to PowerOne Capital Markets Limited. Each Compensation Warrant entitles the finders to purchase for two (2) years from Closing a Compensation Unit priced at $0.05 and comprised of one (1) common share and one (1) warrant to purchase a further common share at $0.10 for two (2) years from Closing. The Company also paid finders' fees of $10,600 in cash together with 250,000 Compensation Warrants and 15,000 Compensation Options to two other finders. Each Compensation Option entitles the finder to acquire one (1) common share at $0.10 for two (2) years from Closing.

Insiders of the Company subscribed for 2,350,000 Units for proceeds of a $94,000. The insider private placements are exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 ("MI61-101") by virtue of the exemptions contain in section 5.5(a) and 5.7(1)(a) of MI 61-101 in that the fair market value of the consideration for the securities of the Company to be issued to insiders does not exceed 25% of its market capitalization.

Errol Farr, CEO and President of Outlook states "this support for our Bio Resources strategy allows us to accelerate our timetable for revitalizing our fish farming operation and for acquiring an exciting low carbon fertility business to take advantage of the growing sustainable agriculture movement."

The Company also wishes to announce that David Richter has resigned as a director of the Company effective immediately so that he can concentrate on starting another business. Mr. Richter was appointed as a director of Outlook Resources on January 16, 2009. The Company wishes to thank him for his efforts during this critical phase of Outlook's revitalization.

The Company currently has 166,456,697 common shares issued and outstanding.

About Outlook

Outlook is a bio-resources company owning its Agassiz Arctic Char aquaculture operation just north of Winnipeg Manitoba and 5% of ERTH Solutions Inc., and plans to acquire the balance. Its mission is to nurture its sustainable fertilizer and compatible bio-resources ventures such as Agassiz, and to operate them profitably for customers and investors by using the technologies of these ventures combined with Outlook's economies of scale. For more information, please visit www.outlookresources.com.

About ERTH Solutions Inc.

ERTH Solutions is a private US corporation headquartered in Longmont, Colorado with technology, products and process to deliver low carbon fertility products to the Turf and Ornamental, Home and Garden and Agricultural markets.

About Agassiz Aqua Farms

Agassiz Aqua Farms is a wholly owned subsidiary of Outlook with inland Arctic Char cultivation and processing operation on 160 acres just north of Winnipeg. Agassiz produces high quality fresh Arctic Char filets for the growing fish protein market in Canada and the United States. For more information, please visit www.agassizaquafarms.com.

The statements made in this press release include forward-looking statements that involve a number of risks and uncertainties. These statements relate to future events or future performance and reflect management's current expectations and assumptions. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements, such as the economy, generally, the demand for the Company's products, the availability of funding, and the anticipated costs of construction and operation. These forward-looking statements are made as of the date hereof and Outlook does not assume any obligation to update or revise them to reflect new events or circumstances, except as required by law. Actual events or results could differ materially from the expectations and projections.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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