James Crombie reports
ODYSSEY RESOURCES PROVIDES A CORPORATE UPDATE
Odyssey Resources Ltd. has filed its audited consolidated financial statements, and management's discussion and analysis for the year ended Dec. 31, 2016, on SEDAR.
The company reports that it has entered into a loan agreement with James Crombie, the company's interim chairman, president and chief executive officer, under which Mr. Crombie has agreed to lend to the company up to $300,000 for its working capital, to be disbursed in several tranches when required by the company. The loan will bear interest at the rate of 1 per cent per month. The loan and accrued interest will be repayable when the company completes a financing of at least $3-million or upon demand at any time after June 30, 2018.
The company also reports that it has extended the maturity date of the $250,000 (U.S.) loan to LAI Corp. SAC from March 31, 2017, to Sept. 30, 2017. The company and LAI are continuing discussions regarding the potential acquisition of mineral projects in Peru.
Finally, the company announces that it has set May 12, 2017, as the record date for determining shareholders of the company that are entitled to receive notice of the annual meeting of shareholders of the company, expected to be held on June 20, 2017.
About Odyssey Resources Ltd.
Odyssey Resources is a Canadian-based mining exploration company. Currently, Odyssey does not have interest in any exploration property.
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