Golden Odyssey arranges $1-million private placement

2009-03-16 19:11 ET - News Release

Mr. Tyrone Docherty reports

GOLDEN ODYSSEY TO OFFER PRIVATE PLACEMENT FINANCING

Golden Odyssey Mining Inc. has arranged a private placement consisting of up to 10 million units of the corporation at a price of 10 cents per unit, for gross proceeds of up to $1-million.

Each unit shall consist of one common share and one share purchase warrant, with each full warrant entitling the holder thereof to purchase one common share at an exercise price of 15 cents for a period of six months from the date of issuance.

The proceeds of the financing will be used for drilling on the Dome South gold project and for general working capital.

The corporation may pay a commission to certain introducing parties in respect of the private placement, subject to compliance with applicable securities legislation and TSX Venture Exchange policies. The private placement is subject to the approval of the TSX Venture Exchange.

In addition, Golden Odyssey has granted incentive stock options for the purchase of up to 1.5 million common shares at a price of 10 cents per share to certain directors, employees and consultants of the company. The incentive stock options are exercisable on or before March 16, 2014. This grant is made pursuant to the company's stock option plan.

We seek Safe Harbor.