Business
Odyssey Enters into Definitive Agreement to Sell Licenses in Turkey
TORONTO, May 13 /CNW/ - Odyssey Resources Limited (TSX-V: ODX) ("Odyssey" or the "Company") annou...
About this update from Odyssey Resources Limited
[{"type":"text","content":"\n\n\n\nTORONTO, May 13 /CNW/ - Odyssey Resources Limited (TSX-V: ODX) ("Odyssey"\nor the "Company") announced today that it has finalized its previously\nannounced (April 4, 2008) letter of intent and entered into a definitive\nagreement relating to the sale of certain exploration licenses ("Licenses") in\nTurkey owned by Odyssey's subsidiary, Pusula Madencilik ("Pusula"),\ncollectively known as the Tavsan Project, to a subsidiary of Ariana Resources\nplc ("Ariana", AAU-AIM). Completion of the transaction is subject to (i) the\nrequisite Turkish regulatory authorities recording the Ariana subsidiary as\nthe registered owner of a 100 percent interest in the Licenses; and (ii) TSX\nVenture Exchange approval.\n\n\nAs consideration for the transfer of the Licenses, Ariana will pay\nOdyssey: (a) an initial payment of US$250,000 in cash to be held in escrow\nuntil the TSX Venture Exchange provides approval of the transaction; and (b) a\nfurther payment of US$250,000 in cash, and 3,000,000 ordinary shares in the\ncapital of Ariana (the "Shares") at an issue price of 5 British pence per\nShare. The cash and Shares relating to these latter payments will be paid at\nClosing and held in escrow until the transfers of the Licenses are accepted by\nthe Turkish General Directorate of Mining Affairs. Closing is expected to\noccur on or before May 30, 2008. The Shares will be subject to a 12 month hold\nperiod which will run from the date on which TSX Venture Exchange approval is\nreceived 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, unc...