By Laura Lutz
Des Moines, Oct. 27 - Odyssey Resources Ltd. raised C$1,654,630 from the first tranche of its previously announced C$2 million private placement of units.
The company sold 16,546,300 units of one share and one half-share warrant at C$0.10 per unit.
Each full warrant is exercisable at C$0.15 for two years.
The total placement, which priced on Oct. 6, is expected to include up to 20 million units on the same terms.
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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Settlement date: | Oct. 27 (for C$1,654,630)
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Stock symbol: | TSX Venture: ODX
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Stock price: | C$0.11 at close Oct. 5
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Stock price: | C$0.125 at close Oct. 27
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