TORONTO, March 19 /CNW/ - The Board of Directors of Odyssey Resources
Limited (TSX-V: ODX) ("Odyssey" or the "Company") announced today a proposal
to consolidate the Common Shares of the Company on a ten-for-one basis (the
"Consolidation"). The proposal will be put forward for approval by special
resolution of the shareholders at the Company's Special Meeting of
Shareholders to be held on April 25, 2008.
There are currently approximately 86.8 million Common Shares outstanding.
If approved, the Consolidation will reduce the number of Common Shares
outstanding to approximately 8.68 million Common Shares. The proposed
Consolidation will result in shareholders owning fewer Common Shares, but at
an expected higher share price denomination. The Consolidation is subject to
approval by the shareholders of the Company and the TSX Venture Exchange.
Odyssey believes that a reduced number of Common Shares will have numerous
- Allowing for a better assessment of the value of the Company thus
facilitating future financings,
- Broadening the base of potential institutional shareholders, and
- Allowing for more meaningful reporting of financial results on a per
Further information regarding the proposed Consolidation will be
available in the Company's Management Information Circular dated March 17,
2008 which will be mailed to shareholders on or about March 25, 2008.
The Management Information Circular also provides information regarding a
proposal to continue the Company under the Business Corporations Act
(Ontario). The Company is currently governed by the Companies Act of Barbados.
It is expected that the Consolidation will occur after the continuance.
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".
The above contains forward-looking statements that are subject to a
number of known and unknown risks, uncertainties and other factors that may
cause actual results to differ materially from those anticipated in our
forward-looking statements. Although we believe the expectations reflected in
our forward-looking statements are reasonable, results may vary, and we cannot
guarantee future results. There is no assurance that the proposed
Consolidation be completed or will result in the benefits outlined above. In
addition, there is a possibility that the share price of the Common Shares
will decline as a result of the Consolidation.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this news release.
For further information:
For further information: please refer to Odyssey's website
www.odysseyresources.com or contact: Murray John, Chief Executive Officer,
Odyssey Resources Limited, Tel: (416) 203-9699, 101- 50 Richmond Street East,
Toronto, ON, M5C 1N7