Company also arranges $14.75 million 8% loan through Minera del Norte
By Devika Patel
Knoxville, Tenn., March 13 – Odyssey Marine Exploration, Inc. arranged a $104.31 million private placement of series AA-1 convertible preferred stock with Penelope Mining LLC on March 11, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company will sell 104,305,860 8% preferreds at $1.00 apiece. Each preferred converts to one common share. The price per preferred is a 69.49% premium to the $0.59 closing price of the stock on March 10.
The investor also may choose to purchase 86,677,740 series AA-2 preferred shares at $0.50 per share if the closing price of the stock has been $1.26 or more for 20 consecutive trading days.
Settlement of the final tranche is expected March 1, 2018.
The company also said in the filing that it has arranged a $14.75 million 8% loan agreement with Minera del Norte, SA de CV.
Odyssey, based in Tampa, Fla., explores and recovers deep-ocean shipwrecks.
| Issuer: | Odyssey Marine Exploration, Inc.
|
| Issue: | Series AA-1 convertible preferred stock
|
| Amount: | $104,305,860
|
| Shares: | 104,305,860
|
| Price: | $1.00
|
| Dividends: | 8%
|
| Conversion ratio: | Into one common share (per preferred)
|
| Warrants: | No
|
| Investors: | Penelope Mining LLC
|
| Pricing date: | March 11
|
| Settlement date: | March 1, 2018
|
| Stock symbol: | Nasdaq: OMEX
|
| Stock price: | $0.59 at close March 10
|
| Market capitalization: | $52.17 million
|
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