TAMPA, Fla., April 26, 2012 (GLOBE NEWSWIRE) -- Odyssey Marine Exploration, Inc. (Nasdaq:OMEX), a leader in the field of deep-ocean exploration, today announced that it has delivered an additional closing notice for the Second Tranche of the financing that was previously announced in November 2011. The Company and the investor have agreed to a Second Tranche amount of $8 million.
Under the terms of the agreement, the indebtedness under the note for the Second Tranche is not convertible into equity for six months, during which time the Company has the right to redeem the note for 110% of the amount outstanding at the time of redemption. The note will bear interest at the rate of 9% per year.
"We plan to begin operations this quarter on three high-value recovery projects," said Mark Gordon, Odyssey President and COO. "We've elected to enter this transaction to ensure that we are appropriately funded to commence recovery operations. Exercising our right to issue this tranche is consistent with our intent to fund projects with bridge financing designed to minimize equity dilution. The ability to prepay this tranche, combined with the previously announced increased loan with Fifth Third Bank, provides us with $10 million in funds without significant shareholder dilution."
Akerman Senterfitt served as legal counsel to Odyssey in connection with this transaction.
Craig Hallum Capital Group LLC acted as the as exclusive placement agent on the transaction.
About Odyssey
Odyssey Marine Exploration, Inc. (Nasdaq:OMEX) is engaged in deep-ocean exploration using innovative methods and state-of-the-art technology. The Company is a world leader in shipwreck exploration, conducting extensive search and archaeological recovery operations on deep-ocean shipwrecks around the world. Odyssey also has a minority ownership stake in Neptune Minerals, a company focused on discovering and commercializing high-value mineral deposits from the ocean floor. Odyssey also provides contracting services, including proprietary deep-ocean expertise and equipment, to governments and companies around the globe.
Odyssey is planning to conduct the archaeological excavation of HMS Victory (1744) under contract with the Maritime Heritage Foundation and cargo recovery operations on SS Gairsoppa and SS Mantola under contract with the UK Department for Transport in 2012. The Company has several other projects and government agreements in various stages of development throughout the world.
For details on Odyssey's activities and its commitment to the preservation of maritime heritage please visit www.shipwreck.net.
The Odyssey Marine Exploration, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7185
Odyssey Marine Exploration believes the information set forth in this Press Release may include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Certain factors that could cause results to differ materially from those projected in the forward-looking statements are set forth in "Risk Factors" in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2011, which has been filed with the Securities and Exchange Commission.