By Sheri Kasprzak
New York, March 16 - Odyssey Marine Exploration, Inc. said it has raised $8.75 million in series D convertible preferred stock.
The company issued 2.5 million shares of the preferreds at $3.50 each to five funds managed by two institutional investors - Global Macro Master Fund Ltd. and affiliates of GLG Partners LP.
The preferreds are convertible on a one-for-one basis for common shares.
Proceeds will be used for general corporate purposes.
Odyssey Marine, based in Tampa, Fla., recovers items from shipwrecks.
| Issuer: | Odyssey Marine Exploration, Inc.
|
| Issue: | Series D convertible preferred stock
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| Amount: | $8.75 million
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| Shares: | 2.5 million
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| Price: | $3.50
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| Conversion ratio: | One-for-one
|
| Warrants: | No
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| Investors: | Global Macro Master Fund Ltd., GLG Partners LP
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| Settlement date: | March 14
|
| Stock symbol: | Amex: OMR
|
| Stock price: | $4.18 at close March 14
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