Odyssey Marine Exploration recently announced that it has entered into a note and warrant purchase agreement with several of its largest institutional investors. Spearheaded by Two Seas Capital, the deal also includes participants such as Four World Capital Management, Greywolf Capital Management, and DP Special Opportunities Fund I, LLC. This facility will provide the company with capital to execute its project plans and strategic initiatives up until the first quarter of next year.
Under the terms of the agreement, Odyssey has the opportunity to issue up to $6 million in promissory notes with an attractive 11% annual interest rate. In addition, participating investors will have the option to purchase shares of Odyssey’s common stock over the next three years via warrants.
The proceeds from this financing arrangement will serve various purposes, including the support of day-to-day operations and coverage of general corporate expenses. This injection of funds will enable Odyssey Marine Exploration to continue its pursuit of excellence in the maritime exploration industry.
Stephen Nakrosis