Otish Resources may seek private placement to continue operations

By Sheri Kasprzak

New York, Jan. 6 - Otish Resources Inc. said it may look to private placements or other financings to continue operating in the mining business.

In the company's latest form 10-QSB filed with the Securities and Exchange Commission, the company said it is trying to complete a merger or acquisition, but if it is unsuccessful, a private placement or public offering may be in order.

"If the company does not successfully complete a merger or acquisition, and instead continues trying operate in the mining business, the company may not have enough money to complete its exploration and, as a result, may have to cease or suspend any operations," the report said. "If the company has not raised enough money to complete its exploration program, it would have to try to raise additional funds from a public offering, a private placement or loans."

Even so, Otish said it has not made any such arrangements at this time.

"In the event the company needs additional money and cannot raise it, it could have to suspend or cease its limited operations," the report said.

For the quarter ended Nov. 30, 2005, Otish reported a net loss of $865, compared to a net loss of $2,167 for the same quarter of 2004. Since its inception in February 2003, the company has sustained a net loss of $258,050.

Based in Vancouver, B.C., Otish is a mineral exploration company.

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