Odyssey Resources Limited
TSX VENTURE : ODX

Odyssey Resources Limited

November 20, 2006 15:31 ET

Odyssey Announces Completion of Private Placement

TORONTO, ONTARIO--(CCNMatthews - Nov. 20, 2006) -

Not for distribution to U.S. news wire services or dissemination in the United States

E. Howard, President & CEO of Odyssey Resources Limited (TSX VENTURE:ODX) is pleased to announce that it has completed the second and final tranche of the non-brokered private placement previously announced on October 6, 2006. The private placement was for issuance of up to C$2 million of Units, subject to the Company's right to increase the size of the offering by an additional 5 million units, for total gross proceeds of up to C$2,500,000.

In connection with the second tranche of the private placement, a total of 4,510,000 Units of the Company were issued today at a price of $0.10 per Unit for total proceeds of C$451,000. This brings the total funds raised pursuant to the private placement to C$2,105,630. A total of 21,056,300 Units of the Company at a price of $0.10 per Unit were issued pursuant to the private placement, including 16,546,300 Units issued in connection with the first tranche, as previously announced on October 27, 2006.

Each Unit consists of one common share and one half purchase warrant, with each warrant exercisable into an additional common share of the Company at a price of $0.15 per share. Warrants are exercisable at any time commencing on the date hereof and continuing up to 4:30 p.m. (Toronto time) on November 20, 2008. No commission is payable in connection with this placement.

All of the securities issued pursuant to the second tranche of the private placement are subject to a four-month hold period expiring on March 21, 2007.

The proceeds of this financing will be used to advance the Company's exploration and development work on its properties in Morocco and Turkey and for general working capital.

Company Profile: Odyssey Resources Limited is one of the only junior mining companies focused exclusively on exploration and development in the mineral-rich Mediterranean Region. Odyssey's projects include gold and copper-silver deposits with known Historic Resources: the Tavsan Gold Property in Turkey and the Anti Atlas Copper-Silver Project in Morocco.

Forward-Looking Information

This press release contains forward-looking information, within the meaning of applicable Canadian securities legislation, concerning the business, operations and financial condition of the Company. Forward-looking information includes, but is not limited to, statements with respect to the Company's private placement. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks related to the successful completion of private placement financings, the receipt of regulatory approvals, changes in project parameters as plans continue to be refined; future commodity prices, the impact of general economic conditions, industry conditions, fluctuation of commodity prices, fluctuation of foreign exchange rates, environmental risks, industry competition, availability of qualified personnel and management, stock market volatility and timely and cost effective access to sufficient capital from internal and external sources. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking information herein, except in accordance with applicable securities laws.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Odyssey Resources Limited
    Avrom E. Howard
    President and CEO
    (416) 362-6955
    (416) 362-6830 (FAX)
    or
    Odyssey Resources Limited
    George Mihaleto
    Business Development Consultant
    (416) 362-6955
    (416) 362-6830 (FAX)
    Email: info@odysseyresources.com
    Website: www.odysseyresources.com