/EINPresswire.com/ -- LONGUEUIL, QUEBEC -- (Marketwired) -- 10/27/15 -- Further to its news release of September 28, 2015 (the "Prior Release"), Odyssey Resources Limited (the "Company") (TSX VENTURE: ODX.H) announces that it intends to proceed with its proposed 10 for 1 share consolidation (the "Consolidation") concurrent with the transaction involving the acquisition of the Ishihuinca Gold Tailings Project in Peru as detailed in the Prior Release (the "Transaction"). The Consolidation is being proceeded with at this time in order to accommodate the Transaction. If the Consolidation is approved, the previously announced exchange ratio will be adjusted accordingly.

In furtherance of this objective the Company has called a shareholders' meeting for November 27, 2015, at which meeting shareholders will be asked to approve the Consolidation.

The Company currently has 36,231,486 shares outstanding which will be reduced to approximately 3,623,148 shares if the Consolidation is proceeded with. The Company does not intend to change its name in conjunction with the Consolidation. Odyssey's common shares are listed on the NEX board of the TSXV and trade under the symbol ODX.H. Following closing of the proposed Transaction, and subject to TSXV approval, the Company expects to graduate from a listing on the NEX board to a listing on the TSXV. Information about the Company is available on the Company's website (www.odysseyresources.com) and on SEDAR at www.sedar.ca.

Cautionary Statement

Completion of the Transaction and the Consolidation are subject to a number of conditions, including but not limited to, TSXV acceptance and shareholder approval. There can be no assurance that the Transaction or the Consolidation will be completed as proposed or at all.

The TSXV has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Contacts:
James Crombie
President and Chief Executive Officer
450-677-1233
info@odysseyresources.com

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