Odyssey Resources Announces Non-Brokered Private Placement

Executive Summary

• Odyssey Resources Ltd. announced a non‑brokered private placement of up to 987,654 common shares at C$0.10125 per share for gross proceeds of approximately $100,000.
• The placement is being led by insider Dundee Corporation, constituting a related‑party transaction exempt from certain minority‑shareholder approval requirements under MI 61‑101.
• Proceeds will be used for general corporate and working‑capital purposes; the shares are subject to a statutory four‑month‑and‑one‑day hold period.

Key Details

• Offering size: Up to 987,654 common shares.
• Issue price: C$0.10125 per share.
• Gross proceeds: Approximately $100,000 (CAD).
• Placement type: Non‑brokered private placement; related‑party transaction with Dundee Corporation acquiring the entire issue.
• Regulatory framework: Exempt from formal valuation and minority‑shareholder approval under MI 61‑101 Sections 5.5(a) & 5.7(1)(a) because the fair market value does not exceed 25 % of Odyssey’s market capitalization.
• Use of proceeds: General corporate and working‑capital purposes.
• Holding period: Shares subject to a statutory four‑month‑and‑one‑day hold period per Canadian securities law.
• Disclosure: Announcement includes standard forward‑looking statements and cautions; not an offer or solicitation in the United States.

Notable Quotes

(No executive quotes were provided in the release.)