President of Canada’s Odyssey Resources Paul Matysek has announced that the company has arranged for a non-brokered private placement of up to 5.5 million units for gross proceeds of $1.1 million subject to regulatory approval.
Each Unit, at the price of $0.20, consists of one common share and one full share purchase warrant at an exercise price of $0.25, valid for a period of twelve months from the date of closing.
The company will pay an agent a finder's fee commission of 7.5 percent of the gross proceeds raised in cash. The agent will also receive finder's fee warrants entitling the Agent to purchase up to 7.5 percent of the total number of Units sold through the offering at an exercise price of $0.30 for a period of twelve months. The issuer will not be responsible for any expenses incurred by any Agent in connection with this offering.
The proceeds of this financing will be used for diamond drilling and further exploration at the Company's Altintepe and Tavsan advanced gold projects, and for ongoing exploration at its Kabatash copper-gold porphyry discovery in Turkey, as well as for general working capital purposes. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
