Business
Odyssey Closes Definitive Agreement to Sell Licenses in Turkey
TORONTO, June 24 /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, June 24 /CNW/ - Odyssey Resources Limited (TSX-V: ODX)\n("Odyssey" or the "Company") announced today that it has closed on its\npreviously announced (May 13, 2008) Definitive Agreement relating to the sale\nof certain exploration licenses ("Licenses") in Turkey owned by Odyssey's\nsubsidiary, Pusula Madencilik ("Pusula"), collectively known as the Tavsan\nProject, to a subsidiary of Ariana Resources plc ("Ariana", AAU-AIM).\n\n\nAs consideration for the transfer of the Licenses, Ariana has paid\nOdyssey: (a) an initial payment of US$250,000 in cash and (b) a further\npayment of US$250,000 in cash, and 3,000,000 ordinary shares in the capital of\nAriana (the "Shares") at an issue price of 5 British pence per Share.\n\n\nThe cash and Shares relating to payments (b) and (c) will be held in\nescrow until the transfers of the Licenses are accepted by the Turkish General\nDirectorate of Mining Affairs and the Ariana subsidiary is recorded as the\nregistered owner of a 100 percent interest in the Licenses. The Shares will be\nsubject to a 12 month hold period which will run from the date on which TSX\nVenture Exchange approval was received for the transaction.\n\n\nAbout Odyssey Resources\n\n\nOdyssey Resources Limited is a Canadian-based junior exploration company\nwhose main focus has been in Morocco. Odyssey Resources Limited's 8.68 million\nshares trade on the TSX Venture Exchange under the symbol "ODX".\n\n\nThe TSX Venture Exchange does not accept responsibility for the adequacy\n\n\nor accuracy of this news release.\n\n\nForward-Looking Information\n\n\nThis press release contains forward-looking information that may involve\na number of risks and uncertainties. You can usually identify this information\nby such words as "plan" or "expect", or other similar wording suggesting\nfuture outcomes or statements about an outlook. Inherent in the\nforward-looking statements are known and unknown risks, uncertainties and\nother factors well beyond the Odyssey's ability to control or predict. Actual\nresults and developments may differ materially from those contemplated by\nthese statements depending on, among others, such key factors as the ability\nto obtain necessary approvals for the transaction, the market for minerals,\nmarket...