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Wednesday, 11/05/2003 5:00:02 PM

Wednesday, November 05, 2003 5:00:02 PM

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Odyssey arranges $2.01-million equity financing

Odyssey Resources Ltd ODX
Shares issued 28,810,860 Nov 4 close $0.34
Wed 5 Nov 2003 News Release
Mr. Avrom Howard reports
Odyssey Resources Limited has entered into an agreement with Pacific
International Securities Inc. for a $2-million financing. The offering
comprises up to 6.7 million units for gross proceeds of up to
$2.01-million. The units are priced at 30 cents, with each unit consisting
of one common share and one-half share purchase warrant, the latter with a
term of one year. Each whole warrant may be exercised in return for one
common share, at an exercise price of 45 cents. If, within four months from
closing Odyssey's share price reaches or exceeds 65 cents or greater for a
period of 10 consecutive trading days, the warrants will expire 30 days
Odyssey will pay the agent(s) a work fee of $15,000 and a cash commission
of 7 per cent of the gross proceeds raised, upon closing. The agents will
have the option to accept up to 50 per cent of the cash commission in units
of the issuer. Additionally, the agents will receive an option entitling
the agents to purchase up to 10 per cent of the total number of units sold
through the offering for a 12-month period from the date of closing. The
option is exercisable into shares of the issuer at 30 cents per share.
The funds raised in this offering will be used to advance exploration and
development of Odyssey's projects in Turkey, as well as for general working
capital. Odyssey Resources Limited is focused on the exploration and
development of base and precious metal resources across the Mediterranean
(c) Copyright 2003 Canjex Publishing Ltd.

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