Odyssey Marine Exploration,
Inc. OMEX, a pioneer in the fields of deep-ocean shipwreck and
offshore mineral exploration, through a wholly-owned subsidiary, has sold 15%
of Oceanica Resources, S. de. R.L., a newly-organized subsidiary engaged in
seafloor mineral exploration, for U.S. $15 million to Mako Resources, LLC, an
independent investment group.
Mako purchased a total of 15 million Oceanica shares and was granted options
to purchase an additional 15 million Oceanica shares at $2.50 per share before
December 31, 2013. If all options are exercised, the aggregate gross proceeds
to Odyssey would be U.S. $52.5 million.
Odyssey currently owns 62.6 million shares of Oceanica's 100 million shares
outstanding. Odyssey executives hold two of three seats on the Oceanica's
board of managers.
Oceanica controls exclusive permits in an offshore concession area believed to
feature valuable mineral resources based on extensive exploratory activities
and analysis undertaken by Odyssey. Preliminary resource assessments indicate
that the concessions, which have been granted for a 50-year period, may have
significant economic and strategic value.
For competitive reasons, Odyssey has not previously disclosed detailed
information about this project or the type and location of its mineral
deposits. This venture does not involve the previously reported equity
positions in Neptune Minerals and Chatham Rock Phosphate, which are also both
involved in separate seabed mineral projects.
"The successful exploration, preliminary development, and now sale of a
portion of this valuable mineral asset validates our diversification into
offshore mineral exploration and the pioneering work we've been doing in the
field," said Greg Stemm, Odyssey's Chief Executive Officer. "We believe this
sale also supports the potential value of our other offshore mineral interests
and demonstrates how these assets can be monetized."
Odyssey plans to use the net proceeds of the sale to fund Odyssey's further
exploration and recovery activity, including the planned silver recoveries
from the SS Gairsoppa and SS Mantola, which are scheduled to resume in May of
this year. Odyssey recently executed a charter agreement to again secure the
Seabed Worker as the proven operating platform for these recoveries.
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