Dundee Resources Limited

November 17, 2006 17:00 ET

Dundee Resources Limited Acquires Interest in Odyssey Resources Limited

TORONTO, ONTARIO--(CCNMatthews - Nov. 17, 2006) - In accordance with regulatory requirements, Dundee Resources Limited ("Dundee Resources") announced today that it has acquired through a non-brokered private placement with Odyssey Resources Limited ("Odyssey"), 3,500,000 units of Odyssey, at a price of $0.10 per unit. Each unit is comprised of one common share and one-half warrant of Odyssey (each whole warrant a "Warrant") with each Warrant being exercisable for one common share of Odyssey at an exercise price of $0.15 per common share for a period of two years after the closing date. Following this transaction, the 3,500,000 common shares owned by Dundee Resources will represent an approximate 4.14% interest in Odyssey, or an approximate 5.93% interest assuming the conversion of the 1,750,000 Warrants held. In addition, Dundee Corporation owns 10,161,364 common shares and 14,161,364 Warrants to purchase common shares of Odyssey. In aggregate, these represent an approximate 16.15% interest or an approximate 21.92% interest in Odyssey assuming the conversion of all warrants held.

The position in Odyssey was acquired by Dundee Resources Limited for investment purposes and may be increased or decreased in the future as considered appropriate in light of investment criteria, market conditions and other factors and in accordance with the provisions of applicable securities legislation.

Dundee Resources Limited is a wholly owned subsidiary of Dundee Corporation (TSX:DBC.A) and carries out Dundee Corporation's resource investments and initiatives.

Contact Information

  • Dundee Resources Limited
    Ned Goodman
    Chairman
    (416) 365-5665
    or
    Dundee Resources Limited
    Murray John
    President & Chief Executive Officer
    (416) 365-5645