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Bearing, Odyssey extend exclusivity period to Feb. 28

2015-11-25 09:55 ET - News Release

Mr. Robert Cameron reports

BEARING PROVIDES UPDATE ON PROPOSED REORGANIZATION

Bearing Resources Ltd. has provided an update on its previously announced corporate reorganization that will transform it from a mineral exploration company to a film, television and digital media company. As announced on May 5, 2015, the reorganization will include the acquisition by the company of all of the shares of Odyssey Media Inc., a Vancouver-based private company involved in the production and sale of motion pictures. The company also intends to dispose of all of its mineral assets.

Pursuant to a letter of intent with Odyssey, Bearing agreed to acquire all of the issued and outstanding shares of Odyssey in exchange for shares of Bearing. The Odyssey transaction will constitute a reverse takeover pursuant to the TSX Venture Exchange's policies. The parties have now entered into an amendment to the letter of intent to extend the exclusivity period to Feb. 28, 2016. In the interim, the parties will continue to work toward negotiating a definitive agreement for the Odyssey transaction and preparing the necessary disclosure documents, including audited financial statements of Odyssey, required for a reverse takeover in accordance with the policies of the TSX Venture Exchange. The company will provide further information regarding the reorganization and the Odyssey transaction as it becomes available.

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