By Sheri Kasprzak
New York, Jan. 24 - Odyssey Marine Exploration, Inc. sealed a $6.6 million private placement of series D convertible preferred stock.
The company sold 2.2 million shares of the preferreds at $3.00 each to funds managed by GLG Partners LP and Fortress Investment Group LLC.
Each preferred is convertible into one common share.
Connected to the deal, Odyssey issued warrants for 440,000 shares of series D preferred stock exercisable at $4.00 each through Jan. 24, 2009 and warrants for 2.2 million shares of the preferreds exercisable at $3.50 each through May 15, 2007.
In exchange, the investors surrendered warrants exercisable at $3.50 each through March 9, 2007.
Tampa, Fla.-based Odyssey Marine provides deep-sea shipwreck exploration services.
| Issuer: | Odyssey Marine Exploration, Inc.
|
| Issue: | Series D convertible preferred stock
|
| Amount: | $6.6 million
|
| Shares: | 2.2 million
|
| Price: | $3.00
|
| Conversion ratio: | Each preferred into one common share
|
| Warrants: | No
|
| Investors: | GLG Partners LP, Fortress Investment Group LLC
|
| Settlement date: | Jan. 24
|
| Stock symbol: | Amex: OMR
|
| Stock price: | $3.11 at close Jan. 24
|
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