Ross Beatty investing in Ecuador ODN.TSXthis is very good news for DMM shareholders imo....Ross Beatty investing in ecuador junior is will atract many new potential investors and Ecuador negative factor for DMM investment will be reduced significantly and investors will probably discover at some point DMM potential and this will end to be secret....I was shareholder in couple of his previous deals and made great return he has probably the best record in creating shareholder value i deal after deal...
Vancouver, British Columbia / ACCESSWIRE / June 23 2014 / Odin Mining and Exploration Ltd. ("Odin" or the "Company") is pleased to announce that it proposes to undertake a non-brokered private placement of 95,386,667 common shares at a price of US$0.052418227 per common share (the equivalent of $0.05625 per common share), for gross proceeds of US$5,000,000 (the "Private Placement").
Upon completion of the Private Placement it is anticipated that the subscribers will hold approximately 80% of Odin's outstanding common shares. Ross Beaty intends to purchase, directly or indirectly, a significant portion (including up to all) of the common shares issued under the Private Placement. Accordingly, Mr. Beaty will become a "Control Person", as defined under the policies of the TSX Venture Exchange (the "TSXV"), upon the completion of the Private Placement.
Pursuant to the policies of the TSXV, Odin will seek the approval of the creation of a new Control Person by the written consent of shareholders holding more than 50% of Odin's issued and outstanding common shares.
Closing of the Private Placement (the "Closing") remains subject to approval of the TSXV and the written consent of shareholders holding more 50% of Odin's outstanding common shares.
Odin will use the proceeds of the Private Placement as follows:
a)to drill a minimum of 15,000 meters on the Company's current properties, reasonably budgeted at an all-inclusive cost of US$3,000,000, which will be managed by a geologist proposed by Mr. Beaty to be appointed as Odin's VP, Exploration following completion of the Private Placement;