By Laura Lutz
Des Moines, Oct. 6 - Odyssey Resources Ltd. intends to conduct a private placement of units for up to C$2 million.
The company said it will sell up to 20 million units of one common share and one half-share warrant at C$0.10 per unit. Each full warrant will be exercisable at C$0.15 for two years.
Proceeds will be used to finance exploration and development work on the company's properties in Morocco and Turkey and for general working capital.
The deal will be non-brokered.
Toronto-based Odyssey is a mining company focused on properties in the Mediterranean region.
Issuer: | Odyssey Resources Ltd.
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Issue: | Units of one share and one half-share warrant
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Amount: | C$2 million
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Units: | 20 million
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Price: | C$0.10
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.15
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Agent: | Non-brokered
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Pricing date: | Oct. 6
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Stock symbol: | TSX Venture: ODX
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Stock price: | C$0.11 at close on Oct. 5
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