Tue Jun 1, 2004
Olly Industries Completes Unit Private Placement

Vancouver, B.C., June 1, 2004 - Olly Industries Inc. is pleased to announce that it has completed a non-brokered private placement of 750,000 Units at $0.10 per Unit for gross proceeds to the Company of $75,000. Each Unit consists of one common share and one-half of one warrant. Each full warrant entitles the holder to purchase one additional common share of the Company for $0.35. The warrant term shall expire on the earlier of: June 1, 2006; and the date that is one year from the date on which the common shares of the Company are listed and called for trading on the TSX Venture Exchange (the "Exchange"). The Company's shares are not currently listed on the Exchange.

The shares and underlying shares are subject to hold periods expiring October 2, 2004. No finder's fee was paid with respect to the private placement.

OLLY INDUSTRIES INC.

Per: "RICHARD WHITTALL"

Richard Whittall, Director