By Laura Lutz
Des Moines, Dec. 18 - Odyssey Marine Exploration, Inc. completed a private placement of series F convertible preferred stock for $11.88 million, according to an 8-K filing with the Securities and Exchange Commission.
The company sold 22 shares of the preferreds to one investor at $540,000 apiece. Each preferred share is convertible into 100,000 common shares.
Proceeds will be used for general corporate purposes. Odyssey believes that, with the proceeds, it has enough working capital to meet its capital needs for 2008, according to the filing.
Based in Tampa, Fla., Odyssey is focused on archaeologically sensitive exploration and recovery of shipwrecks.
| Issuer: | Odyssey Marine Exploration, Inc.
|
| Issue: | Series F convertible preferred stock
|
| Amount: | $11.88 million
|
| Shares: | 22
|
| Price: | $540,000
|
| Conversion ratio: | Each preferred into 100,000 common shares
|
| Warrants: | No
|
| Settlement date: | Dec. 17
|
| Stock symbol: | Nasdaq: OMEX
|
| Stock price: | $4.84 at close Dec. 17
|
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