Owner
Post by Franko10 ™ on Sept 11, 2004 14:08:06 GMT -5
Odaat Inc.: Consolidation, Name Change and New Trading Symbol
19:45 EST Wednesday, January 28, 2004
LA RONGE, SASKATCHEWAN--Explor Resources Inc. (formerly Odaat Inc.) (the "Corporation") wishes to announce that on January 28, 2004 the Corporation: (a) effected a consolidation of the issued an outstanding Class "A" common shares on the basis of 4 old common shares for 1 new Class "A" common share; (b) changed its name from Odaat Inc. to Explor Resources Inc.; (C) changed the designation of Class "A" common shares to common shares; (d) closed a private placement of $200,000 consisting of two units (Unit A and Unit B) to issue 1,333,334 post rollback units at $0.15 per unit with each unit consisting of 1 post consolidated common share and 1 post consolidated common share purchase warrant exercisable at any time within 2 years at $0.20 per share; (e) effected a shares for debt settlement with respect to $200,000 of corporate debt resulting in the issuance of 2,000,000 post consolidated common shares (1 post consolidated common share for each $0.10 of debt); (f) granted options to acquire post consolidated common shares to the following parties: Luc Lamarche 250,000 shares at $0.10 per share exercisable within 5 years; Randy Studer 88,500 shares at $0.10 per share exercisable within 5 years; Robert Ayotte 200,000 shares at $0.20 share exercisable within 5 years and Anne Slivitzky 75,000 shares at $0.20 per share exercisable within 5 years; and (g) re-priced existing directors options to acquire post consolidated common shares as follows: Randy Studer 36,500 shares at $0.10 per share exercisable prior to February 9, 2006 and Duane Studer 65,000 shares at $0.10 per share exercisable prior to February 9, 2006. As part of closing the Corporation also provided Canaccord Capital Corporation with rights to acquire 123,333 post consolidated common shares at $0.15 per share exercisable within 18 months. All securities issued will have a 1 year hold period expiring December 31, 2003. The shares of the Corporation will commence to trade under the symbol "EXS" on January 29, 2004.
On behalf of the Board and as President,
Randy Studer
FOR FURTHER INFORMATION PLEASE CONTACT:
Explor Resources Inc.
Randy Studer
President
(306) 425-3350
(306) 425-2435 (FAX)
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this Release.
19:45 EST Wednesday, January 28, 2004
LA RONGE, SASKATCHEWAN--Explor Resources Inc. (formerly Odaat Inc.) (the "Corporation") wishes to announce that on January 28, 2004 the Corporation: (a) effected a consolidation of the issued an outstanding Class "A" common shares on the basis of 4 old common shares for 1 new Class "A" common share; (b) changed its name from Odaat Inc. to Explor Resources Inc.; (C) changed the designation of Class "A" common shares to common shares; (d) closed a private placement of $200,000 consisting of two units (Unit A and Unit B) to issue 1,333,334 post rollback units at $0.15 per unit with each unit consisting of 1 post consolidated common share and 1 post consolidated common share purchase warrant exercisable at any time within 2 years at $0.20 per share; (e) effected a shares for debt settlement with respect to $200,000 of corporate debt resulting in the issuance of 2,000,000 post consolidated common shares (1 post consolidated common share for each $0.10 of debt); (f) granted options to acquire post consolidated common shares to the following parties: Luc Lamarche 250,000 shares at $0.10 per share exercisable within 5 years; Randy Studer 88,500 shares at $0.10 per share exercisable within 5 years; Robert Ayotte 200,000 shares at $0.20 share exercisable within 5 years and Anne Slivitzky 75,000 shares at $0.20 per share exercisable within 5 years; and (g) re-priced existing directors options to acquire post consolidated common shares as follows: Randy Studer 36,500 shares at $0.10 per share exercisable prior to February 9, 2006 and Duane Studer 65,000 shares at $0.10 per share exercisable prior to February 9, 2006. As part of closing the Corporation also provided Canaccord Capital Corporation with rights to acquire 123,333 post consolidated common shares at $0.15 per share exercisable within 18 months. All securities issued will have a 1 year hold period expiring December 31, 2003. The shares of the Corporation will commence to trade under the symbol "EXS" on January 29, 2004.
On behalf of the Board and as President,
Randy Studer
FOR FURTHER INFORMATION PLEASE CONTACT:
Explor Resources Inc.
Randy Studer
President
(306) 425-3350
(306) 425-2435 (FAX)
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this Release.
