By Sheri Kasprzak
Atlanta, March 10 - Odyssey Marine Exploration Inc. said it has closed a private placement for $6.75 million.
The company sold 2.7 million shares at $2.50 each to four institutional investors.
The investors also received warrants for a total of 2.7 million shares at $3.50 each through March 9, 2007.
Based in Tampa, Fla., Odyssey Marine is a deep-ocean shipwreck exploration company. It plans to use the proceeds to acquire additional equipment and technology to expand its search and recovery capabilities. The remainder will be used for upcoming search operations and for general corporate purposes.
| Issuer: | Odyssey Marine Exploration Inc.
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| Issue: | Stock
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| Amount: | $6.75 million
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| Shares: | 2.7 million
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| Price: | $2.50
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| Warrants: | For 2.7 million shares
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| Warrant expiration: | March 9, 2007
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| Warrant strike price: | $3.50
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| Settlement date: | March 10
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| Stock price: | $2.45 at close March 9
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