Odyssey Resources Limited

Odyssey Resources Limited

June 23, 2009 15:04 ET

Odyssey Completes Non-Brokered Private Placement Raising C$1,200,000

LONGUEUIL, QUEBEC--(Marketwire - June 23, 2009) - Odyssey Resources Limited ("Odyssey" or the "Company") (TSX VENTURE:ODX) is pleased to announce the closing of a non-brokered private placement of 4,800,000 "flow-through" common shares of the Company ("FT Shares") at a price of C$0.25 per FT Share, for gross proceeds of C$1,200,000. Insiders of the Company subscribed for 940,000 FT Shares on the same terms as the arms' length subscribers.

The Company paid finder's fees of C$84,000 and issued 336,000 finder's warrants, with each finder's warrant entitling the holder to acquire one common share at a price of C$0.25 for a period of 24 months from the date of distribution.

The gross proceeds from the sale of the FT Shares will be used to incur Canadian Exploration Expenses for the purposes of the Income Tax Act (Canada) on the FCI and Auclair projects located in the James Bay region of Quebec, in which the Company is earning a 50% joint venture interest from Virginia Mines Inc. A work program on both projects is scheduled to begin in July 2009.

The FT Shares and finder's warrants are subject to a hold period that expires on October 24, 2009 and may not be traded except as permitted under applicable securities legislation and the policies of the TSX Venture Exchange ("TSXV").

The Company had filed a price reservation form with the TSXV on May 29, 2009. The TSXV has issued conditional acceptance of the private placement. The private placement remains subject to the receipt of final acceptance.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and may never be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Odyssey Resources

Odyssey Resources Limited is a Canadian-based junior exploration company that is earning a 50% joint venture interest in two gold-exploration projects, the FCI and Auclair properties located in the James Bay region of Quebec, from Virginia Mines Inc.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

Certain statements contained in this press release constitute "forward looking information" under the provisions of Canadian securities laws. Such statements include statements regarding the Company's plans for earning a joint venture interest in the Virginia Mines Inc. properties. Such statements reflect the Company's views as at the date of this press release and are subject to certain risks, uncertainties and assumptions, and undue reliance should not be placed on such statements. Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by the forward looking statements. The Company does not intend to update this forward looking information, except as required by law. Accordingly, readers are advised not to place undue reliance on forward-looking information.

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