Vancouver, British Columbia: Odin Mining and Exploration Ltd. ("Odin" or the "Company")
is pleased to announce that it has closed its non-brokered private
placement of 95,386,667 common shares for gross proceeds of US$5,000,000
"Offering"), as previously announced in its news release dated June 23, 2014.
Ross Beaty acquired 26,386,667 common shares under the Offering at a
price of US $0.052418227 per common share, representing 22.1% of Odin's
outstanding common shares following completion of the Offering.
Accordingly, Mr. Beaty became a 'Control Person', as defined under the
policies of the TSX Venture Exchange (the "TSXV"). Pursuant to the
policies of the TSXV, Odin obtained the approval of the creation of a
new Control Person by the written consent of shareholders holding more
than 50% of Odin's outstanding common shares prior to completion of the
Concurrently with closing of the Offering, Odin completed its shares for
debt transaction as previously announced in its news release dated June
23, 2014. In consideration for settlement of a total combined debt of
$236,555.62 owing to five creditors, Odin issued to the creditors a
total of 4,205,433 common shares at a conversion price per share equal
to the per share price of the Offering.
Following completion of the Offering, Levi Giesbrecht, Mauricio Ledesma
and Daniel Noone resigned as directors of the Company and were replaced
by Donald Shumka, Lyle Braaten, Marshall Koval and Michael Steinmann.
Marshall Koval was appointed as Odin's new Chief Executive Officer,
Martin Rip was appointed Chief Financial Officer, Lyle Braaten was
appointed VP Legal Counsel and Leo Hathaway was appointed VP
Stephen Stow is continuing in his role as a director of the Company and
Mauricio Ledesma is continuing in his role as a consultant to the
On behalf of the Board,
(signed) "Stephen Stow"
Stephen W.C. Stow
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this