Business
Odyssey Announces Corporate Update
TORONTO, Jan. 28 /CNW/ - Odyssey Resources Limited (TSX-V: ODX) ("Odyssey" or the "Company") anno...
About this update from Odyssey Resources Limited
[{"type":"text","content":"\n\n\n\nTORONTO, Jan. 28 /CNW/ - Odyssey Resources Limited (TSX-V: ODX)\n("Odyssey" or the "Company") announces further updates to its corporate\nmandate for the 2008 fiscal year.\n\n\n- Short term credit facility: The Company has entered into an agreement\n with Dundee Resources Limited ("Dundee Resources"), whereby\n Dundee Resources will provide the Company with a short term credit\n facility of $500,000. The credit facility bears interest at the prime\n lending rate for commercial loans announced by The Bank of\n Nova Scotia plus 2%, has a term of 180 days, is repayable on demand\n and is secured by a general security agreement. The credit facility\n is intended to meet Odyssey's immediate working capital needs.\n Dundee Resources and its parent corporation own approximately 15.7%\n of the Company's outstanding common shares. Odyssey has agreed to pay\n Dundee Resources an arrangement fee equal to 3% of the principal\n amount of the credit facility.\n\n- Management and board changes: Odyssey intends on making a number of\n management and board changes, as described below. The new management\n group plans to review the Company's existing assets and refocus its\n business plan.\n\n- Future financing: The new board will look at ways to finance the\n Company's continued activities as an exploration company. Concurrent\n with the financing, there may be a restructuring of the Company's\n capital structure, including a share consolidation. Any future\n financing and share consolidation would be subject to all requisite\n shareholder and regulatory approvals.\n\n\nEffective January 31, 2008, George Mihaleto, Odyssey's CEO, and\nJacqueline Danforth, Odyssey's Interim CFO and Corporate Secretary, will\nresign from their positions with the Company. Mr. Mihaleto will continue to\nwork with Odyssey as a director and consultant. Murray John will become the\nInterim President and CEO of the Company and Orest Zajcew will be appointed\nCFO and Corporate Secretary. Jonathan Goodman will remain on the board.\nSeveral new directors will be added to the Board, including Mr. John, Colin\nJones, Mark Goodman, and Gerald Riverin. Mohamed Mekouar will resign from the\nBoard effective January 31, 2008. The Company wishes to thank Mr. Mekouar for\nhis past services to the Company.\n\n\nMr. John is the President and CEO o...