Odyssey Marine nets $8.8M from Oceanica stock sale

Odyssey Marine nets about $8.8M in Oceanica stock sale, buys another $1.25M in company stock

Associated Press

TAMPA, Fla. (AP) -- Deep sea exploration company Odyssey Marine Exploration Inc. said Friday that it made about $8.8 million by selling some of its shares in Oceanica Resources, a company that finds and licenses offshore mineral deposits.

Odyssey said it will get $10 million from the stock sale, and will spend about $1.3 million to buy additional Oceanica shares to maintain voting control.

The company said Mako Resources LLC exercised an option to buy eight million shares of Oceanica Resources from Odyssey for $1.25 per share. That option was part of a deal that had Mako buy 15 million shares of Oceanica in February for $1 per share. Odyssey said the price of $1.25 per share is a 50-percent discount. Until Dec. 31 Mako will have the option to buy another 7 million shares of Oceanica at $2.50 a share before the end of the year.

Odyssey said it agreed to buy a million shares of Oceanica from another shareholder for $1.25 per share. That deal includes a one-year option to buy another million shares for $2.50 a share. That leaves the company with $8.8 million in proceeds from the sale and purchase of Oceanica shares.

Odyssey said if all the options in the deals are exercised, it will own 49.6 percent of Oceanica with voting rights on 52.6 percent of its shares.

Odyssey Marine shares fell 5 cents t0 $3.38 in midday trading.

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