Odyssey Marine Exploration, Inc. completed the acquisition of 80% stake in Ocean Mineral Project from Seabed Capital, LLC.
July 09, 2019
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Odyssey Marine Exploration, Inc. (NasdaqCM:OMEX) entered into a letter of intent to acquire 80% stake in Ocean Mineral Project from Seabed Capital, LLC for $2.1 million on August 20, 2018. Under the terms of the transaction, Odyssey Marine will issue its 0.25 million common shares and will pay Seabed a 2.5% net smelter royalty from future mine production. Transaction will be subject to the results of Odyssey’s and Seabed’s due diligence review and the parties reaching a mutually agreeable resolution with respect to a financial liability of Ocean mineral project. On April 9, 2019, Odyssey Marine Exploration, Inc entered into a Share Purchase Agreement to acquire 80% stake in Ocean Mineral Project from Seabed Capital, LLC. 480 shares represent 80.0% of the Ocean Mineral Project outstanding capital stock. The Transaction is subject to an extension of the Ocean Mineral Project exploration license, a specified liability of Ocean Mineral Project shall have been resolved, Odyssey Marine Exploration shall have been provided specified audited financial statements of Ocean Mineral Project and the customary closing conditions.
Odyssey Marine Exploration, Inc. (NasdaqCM:OMEX) completed the acquisition of 80% stake in Ocean Mineral Project from Seabed Capital, LLC on July 9, 2019.
Odyssey Marine Exploration, Inc. discovers, validates, and develops seafloor mineral resources. The Company has a diversified mineral portfolio, which includes projects controlled by the Company and other projects in which it has a minority owner and service provider. The Companyâs projects include the Exploraciones Oceanicas Phosphate Project, CIC Project, South American Phosphate Project and LIHIR Gold Project. The Exploraciones Oceanicas Phosphate Project is a rich deposit of phosphate sands located 70-90 meters deep within Mexicoâs Exclusive Economic Zone. The project is located approximately 25-40 kilometers from the coast of Baja California Sur, Mexico. The Lihir Gold Project covers a subsea area, which contains at least five prospective gold exploration targets in two different mineralization types: seamount-related epithermal and modern placer gold. The resource lies approximately 500-2,000 meters deep in the Papua New Guinea Exclusive Economic Zones (EEZ).