Business
Odyssey Enters into Letter Agreement to Sell Licenses in Turkey
TORONTO, April 4 /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, April 4 /CNW/ - Odyssey Resources Limited (TSX-V: ODX)\n("Odyssey" or the "Company") announced today that it has entered into a letter\nof agreement relating to the sale of certain exploration licenses ("Licenses")\nin Turkey 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% interest in the Licenses; (ii) termination of\nan option agreement between Pusula and Teck Cominco Arama ve Madencilik Sanayi\nTicaret A.S., a subsidiary of Teck Cominco Limited; (iii) the receipt by\nAriana of requisite regulatory approval; and (iv) TSX Venture Exchange\napproval.\n\n\nAs consideration for the transfer of the Licenses, Ariana has agreed to\npay Odyssey: (a) a non-refundable deposit of US$250,000 in cash on signature\nof the letter agreement; and (b) an additional US$250,000 in cash, and the\nequivalent of GBP 150,000 in common shares in the capital of Ariana (the\n"Shares") at an issue price of 5 British pence per Share. The cash and Shares\nrelating to these latter payments will be held in escrow until the transfers\nof the Licenses are accepted by the Turkish General Director of Mining\nAffairs. The Shares will be subject to a 12 month hold period which will run\nfrom the date on which TSX Venture Exchange approval is received for the\ntransaction.\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 86.8 million\nshares trade on the TSX Venture Exchange under the symbol "ODX". Odyssey has\ncalled a Special Meeting of shareholders for April 25, 2008 to approve\nproposals to consolidate the common shares of the Company on a ten-for-one\nbasis and to continue the Company under the Business Corporations Act\n(Ontario).\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 ...