Outlook Resources Inc.
TSX VENTURE : OLR

Outlook Resources Inc.

May 17, 2006 10:36 ET

Outlook Announces Private Placement Financing

TORONTO, ONTARIO--(CCNMatthews - May 17, 2006) - Outlook Resources Inc. ("Outlook" or the "Company") (TSX VENTURE:OLR) wishes to announce that further to its press release of March 6, 2006, it has amended the terms of its proposed private placement. Under the amended terms, Outlook will be offering up to 10,000,000 units of the Company at a price of $0.05 per unit, for gross proceeds of $500,000.

Each unit (a "Unit") will consist 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 for two years from Closing.

The Company will pay a finder's fee of 10% cash plus 10% Compensation Options for funds raised by the finder. Each Compensation Option entitles the finder to purchase one common share of the Company at a price of $0.10 for twenty-four (24) months from Closing.

First Canadian Capital Markets Ltd. has been retained by the Company as finder.

Three insiders of the Company, William R. Johnstone, Robert Farah and Dale Schofield will each be subscribing 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 funds received from this private placement will be used for working capital.

The private placement is subject to approval from the TSX Venture Exchange.

Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. The use of the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by the Company with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as productivity of the Company's Aquaculture Operations, changes in demand for and prices for the products of the Company or the materials required to produce those products, labour relations matters, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements. Shareholders are cautioned not to put undue reliance on such forward-looking statements.

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

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