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Re: Ed Monton post# 20

Thursday, 12/09/2004 11:45:13 PM

Thursday, December 09, 2004 11:45:13 PM

Post# of 25
ODX Odyssey Resources raises $500,000 privately

2004-12-09 15:03 ET - News Release

Mr. Avrom Howard reports

ODYSSEY CLOSES $500,000 PRIVATE PLACEMENT

Odyssey Resources Ltd. has completed a non-brokered private placement of four million units of Odyssey at a price of 12.5 cents per unit for total proceeds of $500,000. Each unit consists of one common share and one-half of one purchase warrant. Each whole warrant entitles the holder to purchase one additional common share of Odyssey Resources at a price of 20 cents per share during the 12-month period ending Dec. 6, 2005. Odyssey will pay a 7-per-cent finder's fee to IIF SA in connection with the private placement. The securities issued or issuable are subject to a four-month hold period.

The net proceeds of this financing will be used for further exploration of the company's Tavsan project in Turkey, with a view to producing a new resource calculation in the first quarter of 2005, for moving forward in its copper-gold joint venture exploration project with BHP Billiton, for continuing exploration work and property acquisitions on the company's copper-silver project in Morocco, and general working capital.

T


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