By Devika Patel
Knoxville, Tenn., Aug. 24 - Odyssey Marine Exploration, Inc. completed a $1.8 million private placement of 5% promissory notes on Aug. 20, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The notes are due Dec. 18, 2010.
The investors also received warrants for 270,000 common shares, which are exercisable at $2.25 until Aug. 20, 2013. The strike price reflects a 37.2% premium to the $1.64 closing share price on Aug. 19.
Odyssey, based in Tampa, Fla., explores and recovers deep-ocean shipwrecks.
| Issuer: | Odyssey Marine Exploration, Inc.
|
| Issue: | Promissory notes
|
| Amount: | $1.8 million
|
| Maturity: | Dec. 18, 2010
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Warrants: | For 270,000 shares
|
| Warrant expiration: | Aug. 20, 2013
|
| Warrant strike price: | $2.25
|
| Settlement date: | Aug. 20
|
| Stock symbol: | Nasdaq: OMEX
|
| Stock price: | $1.65 at close Aug. 20
|
| Market capitalization: | $100.82 million
|
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