Outlook Resources Inc.
TSX VENTURE : OLR

Outlook Resources Inc.

June 08, 2006 15:32 ET

Outlook Announces Second Closing of Private Placement Financing and Debt Settlement

TORONTO, ONTARIO--(CCNMatthews - June 8, 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 second closing of its private placement financing by issuing 1,340,000 units priced at $0.05 per unit for gross proceeds of $67,000.

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 June 8, 2008.

The Company also wishes to announce that it has a negotiated a debt settlement with three arm's-length creditors to settle a total of $179,765.52 for principal and interest owed for three outstanding debentures in the principal amount of $50,000 each plus a loan in the amount of $18,056.97 from December 3, 2004.

The Company has agreed to issue a total of 2,996,092 Debt Settlement Units (the "DS Units") on the basis of one (1) DS Unit for each $0.06 in debt settled with each DS Unit consisting of one common share of the Company priced at $0.06 per share and one share purchase warrant (each a "DS Warrant") with each DS Warrant entitling the holder to acquire an additional common share at the price of $0.10 per share for a period of two years. This transaction is subject to the approval of the TSX Venture Exchange.

The securities comprising the Units will be legended and restricted from trading until October 9, 2006.

The funds received from the 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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