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Odyssey abandons SPP plans

2nd July 2021

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Junior Odyssey Gold has withdrawn a share purchase plan (SPP) on the back of lower share prices.

The company at the end of May launched a A$5-million SPP, as part of a larger A$15-million capital raise to fund exploration at its Tuckanarra and Stakewell gold projects, in Western Australia.

The SPP and accompanying share placement had been priced at 12.5c a share.

However, Odyssey on Friday abandoned its SPP plans, noting that the company’s share price on the ASX was currently trading below the SPP offer price, meaning shareholders could increase their stake in the company for less than the SPP offer price.

The monies already received under SPP applications will be refunded in full, the company said.

Odyssey has already completed the 79.8-million share placement, raising A$10-million.

Edited by Creamer Media Reporter

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