TORONTO, April 25 /CNW/ - Odyssey Resources Limited (TSX-V: ODX) ("Odyssey" or the "Company") is pleased to announce that Odyssey's shareholders have approved a continuance of the Company from Barbados to Ontario and a share consolidation at the special meeting of shareholders held this morning. The consolidation approved by the shareholders is on a one-for-ten basis such that ten common shares will become one post-consolidation common share.
Odyssey is requesting a consent to the continuance from the applicable authority in Barbados and, once received, expects to promptly file articles of continuance and articles of amendment in Ontario to effect the continuance and consolidation. The Company plans to issue a further press release once the date of the continuance and consolidation are known and Odyssey will advise as to when its common shares are anticipated to start trading on the TSX Venture Exchange on a consolidated basis. At that time, the Company will mail to its registered shareholders a letter of transmittal relating to the continuance and consolidation.
There are currently approximately 86.8 million Odyssey common shares outstanding. If effected, the consolidation will reduce the number of common shares outstanding to approximately 8.68 million.
About Odyssey Resources
Odyssey Resources Limited is a Canadian-based junior exploration company whose main focus has been in Morocco. Odyssey's 86.8 million shares trade on the TSX Venture Exchange under the symbol "ODX".
Forward-Looking Statements
The above contains forward-looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward-looking statements. Although we believe the expectations reflected in our forward-looking statements are reasonable, results may vary, and we cannot guarantee future results. There is no assurance that the continuance and consolidation will be completed. In addition, there is a possibility that the share price of the common shares will decline as a result of the consolidation.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this news release.