Key points
- Odyssey Marine Exploration (Nasdaq: OMEX) announced a $5.0 million registered direct offering on November 1, 2018.
- The deal sold 700,000 shares of common stock and 700,000 five year warrants exercisable at $7.155 per share.
- Full warrant exercise would bring an additional roughly $5.0 million in gross proceeds.
- Chardan acted as lead placement agent; proceeds fund general corporate purposes including Odyssey’s Mexican phosphate project.
TAMPA, Fla., Nov. 01, 2018 (GLOBE NEWSWIRE) — Odyssey Marine Exploration, Inc. (NASDAQ:OMEX), a pioneer in the field of deep-ocean exploration, announced today that it has entered into agreements with a small group of institutional investors, led by large long-term holders of OMEX, to receive $5.0 million in gross proceeds in a registered direct offering through the sale of common stock and warrants consisting of 700,000 shares of the company’s common stock and 700,000 5-year immediately exercisable warrants to purchase 700,000 shares of common stock at an exercise price of $7.155 per share. If the warrants are exercised for cash in full, the company would receive additional gross proceeds of approximately $5.0 million.
“This funding, when combined with the expected future revenue from contracted projects and profit participation from the current recovery project under contract, is expected to fund Odyssey into 2020, based on our current budgets,” stated Mark Gordon, President and CEO of Odyssey Marine Exploration. “The proceeds from this offering also give us flexibility to take advantage of new strategic opportunities that have the potential to deliver significant value in the near future and allow us to accelerate early stage production development or other expenses for our Mexican phosphate project.
The offering is expected to close on or about November 2, 2018, subject to the satisfaction of customary closing conditions. The net proceeds of the financing will be used for general corporate purposes, including working capital.
Chardan acted as the lead placement agent for this transaction.
The securities described above are being offered by Odyssey Marine Exploration through a prospectus supplement pursuant to Odyssey’s shelf registration statement on Form S-3 as previously filed and declared effective by the Securities and Exchange Commission and the base prospectus contained therein (Registration No. 333-227666). A prospectus supplement related to the offering will be filed with the Securities and Exchange Commission (SEC). This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The securities are being be offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. Copies of the final prospectus supplement and accompanying base prospectus may be obtained, when available, by contacting Chardan Capital Markets, LLC, 150 East 58th Street, 28th Floor, New York, NY 10155, at (646) 465-9028, or the Securities and Exchange Commission’s website at http://www.sec.gov.
About Odyssey Marine Exploration
Odyssey Marine Exploration, Inc. (Nasdaq:OMEX) is engaged in deep-ocean exploration using innovative methods and state-of-the-art technology to provide access to critical resources worldwide. Our core focus is the discovery, development and extraction of deep-ocean minerals. Odyssey also provides marine services for private clients and governments. For additional details, please visit www.odysseymarine.com.
