Outlook Resources Inc.

Outlook Resources Inc.

March 09, 2007 14:07 ET

Outlook Shareholders Approve Debt Settlement and Outlook Proceeds with Financing

TORONTO, ONTARIO--(CCNMatthews - March 9, 2007) - Outlook Resources Inc. ("Outlook" or the "Company") (TSX VENTURE:OLR) wishes to announce that at the Special Meeting held on March 8, 2007 shareholders overwhelmingly approved the settlement of $774,452 of debt owed to insiders of the Company in consideration for the issuance of 12,630,799 common shares. The debt settlements are anticipated to close within the next two (2) weeks.

The Company intends to proceed with the private placement financing announced on February 15, 2007 of up to 10,000,000 Units at a price of $0.05 per Unit for proceeds of up to $500,000 and anticipates closing the offering within 45 days.

The funds received from the private placement will be used to fund upgrades at its aquaculture operation in Gunton, Manitoba, for working capital and to settle certain obligations of the Company.

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. When used in this document, 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 us 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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