Odyssey Resources Limited
TSX VENTURE : ODX

Odyssey Resources Limited

October 03, 2005 12:05 ET

Odyssey Proposes Financing

TORONTO, ONTARIO--(CCNMatthews - Oct. 3, 2005) - Avrom E. Howard, President & CEO of Odyssey Resources Limited (TSX VENTURE:ODX), is pleased to announce that the Company intends to undertake a non-brokered private placement of up to 15 million units, at a price of C $0.10 per unit, for gross proceeds of up to C $1,500,000. Each Unit would consist of one common share and one full share purchase warrant. Each whole warrant would be exercisable for one common share at an exercise price of C $0.15 for a period of 2 years from the date of closing. There is no commission payable in association with this placement.

Completion of the private placement will be subject to board and regulatory approval, including satisfaction of the requirements of the TSX Venture Exchange. The securities issued pursuant to this financing will be subject to a minimum four-month hold period. The proceeds of this financing will be used to advance the Company's exploration work on its properties in Morocco and Turkey and for general working capital.

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

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