Odyssey Resources Limited

Odyssey Resources Limited

December 24, 2009 13:39 ET

Odyssey Raises a Total of $950,000 in Flow-Through Funds

LONGUEUIL, QUEBEC--(Marketwire - Dec. 24, 2009) - Odyssey Resources Limited ("Odyssey" or the "Company") (TSX VENTURE:ODX) is pleased to announce that it has closed the final portion of its non-brokered private placement announced on December 18, 2009. The Company has issued a total of 4,750,000 "flow-through" common shares ("FT Shares") at a price of C$0.20 per FT Share for total proceeds of $950,000.

The Company paid total finder's fees of C$53,550 and issued 267,750 finder's warrants, with each finder's warrant entitling the holder to acquire one common share at a price of C$0.20 for a period of 24 months from the date of distribution.

The FT Shares issued under the private placement are subject to hold periods ranging from April 17 to April 23, 2010 and the finder's warrants are subject to a hold period that expires on April 17, 2010. These securities may not be traded except as permitted under applicable securities legislation and the policies of the TSX Venture Exchange ("TSXV").

The TSXV has issued conditional acceptance of the private placement. The private placement remains subject to the receipt of final acceptance.

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.

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. The winter 2010 drill campaigns on the FCI (5,000 meters of drilling with estimated costs of Can$1,000,000) and Auclair properties (3,500 meters of drilling with estimated costs of Can$900,000) are scheduled to start early in 2010.

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.

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 and its 2010 winter exploration programs on those properties. Such statements reflect the Company's views and assumptions as at the date of this press release and are subject to certain risks and uncertainties. Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by the forward looking information. 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.

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.

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