Canadian Shells

[Tackler]

OTS Otish Mountain proposes 1:3 consolidation; name change

2004-10-28 16:11 ET - News Release

Mr. Glen Macdonald reports

Otish Mountain Exploration Inc. will hold its annual shareholders meeting in Vancouver on Thursday, Nov. 25, 2004. The following disclosure is being made in compliance with Section 3.2 of TSX Venture Exchange Policy 5.8.

Share consolidation and change of name

In order to facilitate possible future financings, the board of directors of the company wishes to receive the authority of the shareholders to consolidate the common shares without par value of the company. Such a consolidation is also known as a reverse stock split. The consolidation will also be subject to TSX Venture Exchange acceptance. There are presently 4,515,822 common shares issued and outstanding. The shareholders will be asked at the meeting to approve a consolidation ratio of up to 1:3 such that there will be 1,505,240 postconsolidation common shares issued in the event that the maximum consolidation is effected, to approve a concurrent increase in the authorized number of common shares to 100 million and to alter the company's memorandum to reflect the foregoing. No fractional shares will be issued. All fractional shares resulting from the consolidation will be dropped. The company is currently seeking to complete a private placement of five million units at six cents per share, as announced in Stockwatch by news release dated Aug. 5, 2004, which private placement remains subject to regulatory approval. In the event that this placement is entirely subscribed for, the issued capital of the company will total 9,515,822 preconsolidation shares and upon effecting the maximum consolidation the company will have 3,171,940 postconsolidation common shares outstanding.

Pursuant to the policies of the TSX Venture Exchange, a company must change its name concurrently with the consolidation of its capital. Thus the board of directors of the company wish to change the company's name to "ISX Resources Inc." or to such other name as may be acceptable to the TSX Venture Exchange and the registrar of companies.