By Laura Lutz
Des Moines, June 12 - Odyssey Petroleum Corp. arranged a private placement of units for up to C$7.5 million.
The company intends to sell 100 million units of one share and one half-share warrant at C$0.075 per unit. Each whole warrant will be exercisable at C$0.15 for one year.
Proceeds will be used to fund the company's summer drilling program and for working capital.
Three directors and officers of the company and one related party have subscribed for a total of up to 7.3 million units.
The company also announced that it plans to seek shareholder approval for a one-for-20 share consolidation and a name change. The approval will be sought at a shareholders meeting on Aug. 20.
Odyssey is an oil and gas company based in Vancouver, B.C.
| Issuer: | Odyssey Petroleum Corp.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$7.5 million
|
| Units: | 100 million
|
| Price: | C$0.075
|
| Warrants: | One half-share per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.15
|
| Pricing date: | June 12
|
| Stock symbol: | TSX Venture: ODE
|
| Stock price: | C$0.075 at close June 12
|
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