TORONTO, Jan. 28 /CNW/ - Odyssey Resources Limited (TSX-V: ODX)
("Odyssey" or the "Company") announces further updates to its corporate
mandate for the 2008 fiscal year.
- Short term credit facility: The Company has entered into an agreement
with Dundee Resources Limited ("Dundee Resources"), whereby
Dundee Resources will provide the Company with a short term credit
facility of $500,000. The credit facility bears interest at the prime
lending rate for commercial loans announced by The Bank of
Nova Scotia plus 2%, has a term of 180 days, is repayable on demand
and is secured by a general security agreement. The credit facility
is intended to meet Odyssey's immediate working capital needs.
Dundee Resources and its parent corporation own approximately 15.7%
of the Company's outstanding common shares. Odyssey has agreed to pay
Dundee Resources an arrangement fee equal to 3% of the principal
amount of the credit facility.
- Management and board changes: Odyssey intends on making a number of
management and board changes, as described below. The new management
group plans to review the Company's existing assets and refocus its
- Future financing: The new board will look at ways to finance the
Company's continued activities as an exploration company. Concurrent
with the financing, there may be a restructuring of the Company's
capital structure, including a share consolidation. Any future
financing and share consolidation would be subject to all requisite
shareholder and regulatory approvals.
Effective January 31, 2008, George Mihaleto, Odyssey's CEO, and
Jacqueline Danforth, Odyssey's Interim CFO and Corporate Secretary, will
resign from their positions with the Company. Mr. Mihaleto will continue to
work with Odyssey as a director and consultant. Murray John will become the
Interim President and CEO of the Company and Orest Zajcew will be appointed
CFO and Corporate Secretary. Jonathan Goodman will remain on the board.
Several new directors will be added to the Board, including Mr. John, Colin
Jones, Mark Goodman, and Gérald Riverin. Mohamed Mekouar will resign from the
Board effective January 31, 2008. The Company wishes to thank Mr. Mekouar for
his past services to the Company.
Mr. John is the President and CEO of Dundee Resources. Dundee Resources
is a wholly-owned subsidiary of Dundee Corporation and carries out the
resource initiatives of Dundee Corporation. Mr. John is also the President and
CEO of Corona Gold Corp., and is a director of Corona Gold Corp., Dundee
Precious Metals Inc., Breakwater Resources Ltd., and Iberian Minerals Corp.
Mr. Zajcew is presently the CFO of a number of junior exploration
companies, including Cogitore Resources Inc., Corona Gold Corp. and Valdez
Gold Inc. Mr. Zajcew attained his CFA designation in 2002 and received a Ph.D.
in Political Science from the University of Toronto in 1998.
Mr. Jones is the Executive Vice President of Dundee Resources. Mr. Jones
has 26 years experience as a mining, exploration and consulting geologist and
is experienced in a number of different geological environments. Mr. Jones has
worked on all continents on producing mines, as part of feasibility teams and
as an explorationist. Most recently from 1998-2006 Mr. Jones was Partner &
Manager Audits for RSG Global and from 1994-1998 was Exploration Manager for
Freeport Indonesia. He is a director of Helio Resource Corp.
Dr. Riverin is presently President and CEO of Cogitore Resources Inc., a
junior base metal exploration company. Before joining Cogitore Resources Inc.
in 2004, Dr. Riverin spent 27 years working for Inmet Mining Corporation and
its predecessors, including ten years as General Manager for North American
exploration. He has been involved in the development of several properties,
including the discovery of Inmet's Troilus open pit gold-copper mine near
Chibougamau, Quebec. He is a director of Cogitore Resources Inc., Junex Inc.
and Yorbeau Resources Inc.
Mr. Mark Goodman is currently CEO of Valdez Gold Inc., and Executive
Chairman of Cogitore Resources Inc. He is a director of Cogitore Resources
Inc., Valdez Gold Inc., and Corona Gold Corp.
The foregoing is subject to approval of applicable regulatory
authorities, as required.
About Odyssey Resources
Odyssey Resources Limited is a Canadian-based junior exploration company
whose main focus has been in Morocco.
Odyssey Resources Limited's 86.8 million shares trade on the TSX Venture
Exchange under the symbol "ODX". For more information, please refer to
Odyssey's website www.odysseyresources.com
This press release contain forward-looking information that may involve a
number of risks and uncertainties. You can usually identify this information
by such words as "plan", "intend", "expect", or other similar wording
suggesting future outcomes or statements about an outlook. Examples of
references to forward-looking information include the Company's financing and
restructuring plans and its plans with respect to the loan from Dundee
Resources. Inherent in the forward-looking statements are known and unknown
risks, uncertainties and other factors well beyond the Company's ability to
control or predict. Actual results and developments may differ materially from
those contemplated by these statements depending on, among others, such key
factors as the Company's ability to obtain additional financing and any
requisite shareholder and regulatory approval for financings and
restructuring, the market for minerals, the results of exploration and
development drilling and related activities, general economic, market and
business conditions, fluctuations in interest rates and foreign currency
exchange rates, changes in environmental and other regulations, and changes in
political risk. As well, mining exploration itself contains a high degree of
risk and uncertainty. The forward-looking statements included in this release
represent the Company's views as of the date of this release. While the
Company anticipates that subsequent events and developments may cause the
Company's views to change, the Company specifically disclaims any obligation
to update these forward-looking statements. These forward-looking statements
should not be relied upon as representing the Company's views as of any date
subsequent to the date of this release.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this news release.
For further information:
For further information: George Mihaleto, Chief Executive Officer,
Odyssey Resources Limited, Tel: (416) 362-6955, or (905) 480-9106, 101-50
Richmond Street East, Toronto, ON M5C 1N7 OR Investor Relations, Marti Kangas,
The Equicom Group, (416) 815-0700, firstname.lastname@example.org,