By LLuvia Mares
New York, Sept. 14 - Odyssey Marine Exploration, Inc. announced Friday it completed a $6.95 million sale of series E convertible preferred stock.
The company sold 13 shares of its series E convertible preferred stock to Drawbridge Global Master Macro Fund Ltd. at $535,000 per share.
Each preferred share is convertible into 100,000 shares of the company's common stock.
Holders of the preferreds have the right to participate in any dividends declared by the company on the company's common stock on an as-if-converted basis.
The company expects to use the proceeds for general corporate purposes.
Tampa, Fla.-based Odyssey Marine specializes in archaeologically-sensitive exploration and recovery of deep water shipwrecks throughout the world.
Issuer: Odyssey Marine Exploration, Inc.
Issue: Series E preferred stock
| Amount: | $6.95 million
|
| Shares: | 13 shares
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| Price: | $535,000
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| Conversion price: | $5.35
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| Conversion ratio: | 100,000
|
| Warrants: | No
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| Investor: | Drawbridge Global Master Macro Fund Ltd.
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| Settlement date: | Sept. 13
|
| Stock symbol: | Nasdaq: OMEX
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| Stock price: | $5.90 at close Sept. 13
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