Vancouver, British Columbia -- Odin Mining and Exploration Ltd. (TSXV: ODN) (the "Company") announced that it has received a loan in the aggregate amount of USD$1,000,000 from Ross J. Beaty (the "Lender").
The loan accrues interest at a rate of 12% per annum, and will be
compounded yearly and not in advance. The loan will be repayable on or
before the earlier of June 30, 2017 and two business days after the date
on which the Company undertakes any equity financing by way of private
placement of shares. The loan cannot be converted into, exchanged for or
otherwise modified to create any obligation on the Company to issue,
directly or indirectly, any equity or voting securities of the Company
or any subsidiary of the Company, including with respect to the
repayment of either principal or interest accruing in respect of the
The Company will use the proceeds of the loan for working capital, to
further its business objectives and for general corporate purposes.
The loan is exempt from the formal valuation and majority of the
minority requirements applicable to related party transactions as set
out in Multilateral Instrument 61-101
Protection of Minority Securityholders in Special Transactions as the aggregate fair market value of the loan is less than 25% of the Company's market capitalization.
Odin Mining & Exploration Ltd
Signed: "Lyle Braaten"
Lyle Braaten, Director, VP Legal Counsel
For further information contact:
Lyle Braaten, VP Legal Counsel
T: +1 604 646 1889
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