Odyssey Resources Limited (ODX.H)

[Ed Monton]

Odyssey on quest to raise $500,000

2004-11-19 15:34 ET - News Release


Mr. Avrom Howard Coates reports

ODYSSEY PROPOSES FINANCING

Odyssey Resources Ltd. intends to undertake a non-brokered private placement of four million units, at a price of 12.5 cents per unit, for gross proceeds of $500,000.

Each unit would consist of one common share and one-half of one share purchase warrant. Each whole warrant would be exercisable for one common share at an exercise price of 20 cents for a period of 12 months from the date of closing.

The company expects to pay a finder's fee equal to 7.0 per cent of the gross proceeds raised in cash.

Completion of the private placement with the Tectonic Fund will be subject to, among other things, board and regulatory approval, including satisfaction of the requirements of the TSX Venture Exchange. The securities issued pursuant to this financing will be subject to a minimum four-month hold period. The proceeds of this financing will be used for further exploration at the company's Tavsan gold project in Turkey, for moving forward in its copper-gold joint venture exploration project with BHP Billiton, and for continuing exploration work and property acquisitions on the company's copper-silver project in Morocco, and general working capital.