Vancouver, British Columbia / ACCESWIRE / June 3 2014 / Odin Mining and Exploration Ltd. ("Odin") is pleased to announce that it will borrow an aggregate principal of up to $100,000 from certain of the lenders that previously loaned funds to Odin as announced in its press release dated January 21, 2014.
Odin further announces that it will proceed with a share consolidation of its issued and outstanding common shares. The Company's name and trading symbol will remain unchanged.
The consolidation will be effective from June 4, 2014 at market open and carried out on the basis of one (1) post-consolidation share for every five (5) pre-consolidation shares. As a result of the consolidation, Odin's currently outstanding 98,791,243 common shares will be reduced to approximately 19,758,248 common shares. No fractional shares will be issued. Fractional share interests of 0.50 or higher arising from the consolidation will be rounded up to one whole common share and any fractional share interests of less than 0.50 will be cancelled.
Registered shareholders will be receiving a letter of transmittal from Odin's transfer agent, Computershare Trust Company of Canada, as soon as practicable after the effective date of the consolidation. The letter of transmittal will enable registered shareholders to exchange their old share certificates representing pre-consolidation common shares for new share certificates representing post-consolidation common shares. Until surrendered, each share certificate representing pre-consolidation common shares will be deemed for all purposes to represent the number of whole post-consolidation common shares to which the holder is entitled as a result of the consolidation.
On behalf of the Board,
(signed) "Stephen Stow"
Stephen W.C. Stow
Neither 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 release.