ODYSSEY MARINE EXPLORATION INC (OMEX): debt financing — Odyssey Marine enters $14M note/warrant deal and settles AHMSA obligations with $9M payment

ODYSSEY MARINE EXPLORATION INC

Issued up to $14M principal 11% senior secured note due Sept 6, 2024; interest payable quarterly with PIK option.
Warrant to purchase 3,703,704 shares at $3.78 (120% of prior close); term 3 years; net-share settlement allowed.
Settlement, Release and Termination Agreement with AHMSA parties requires $9M cash payment by March 6, 2023.
Concurrent with payment, portion of MINOSA Notes automatically converts into 304,879 shares of common stock.
Proceeds from note used for termination payment, NAFTA arbitration legal fees, and general corporate purposes.

item 1.01 item 1.02 item 2.03 item 3.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

ODYSSEY MARINE EXPLORATION INC incurred loan of up to $14.0 million at 11.0% per annum maturing September 6, 2024.

Instrument: loan
Principal: up to $14.0 million
Rate: 11.0% per annum
Maturity: September 6, 2024
Event: incurrence

Exact text from the filing

On March 6, 2023, Odyssey Marine Exploration, Inc. (“Odyssey”) entered into a Note and Warrant Purchase Agreement (the “Purchase Agreement”) with an institutional investor pursuant to which Odyssey issued and sold to the investor (a) a promissory note (the “Note”) in the principal amount of up to $14.0 million and (b) a warrant (the “Warrant” and, together with the Note, the “Securities”) to purchase shares of Odyssey’s common stock.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

ODYSSEY MARINE EXPLORATION INC entered into Note and Warrant Purchase Agreement with an institutional investor valued at principal amount of up to $14.0 million (effective 2023-03-06).

Action: entry
Counterparty: an institutional investor
Value: principal amount of up to $14.0 million
Effective: 2023-03-06

Exact text from the filing

On March 6, 2023, Odyssey Marine Exploration, Inc. (“Odyssey”) entered into a Note and Warrant Purchase Agreement (the “Purchase Agreement”) with an institutional investor pursuant to which Odyssey issued and sold to the investor (a) a promissory note (the “Note”) in the principal amount of up to $14.0 million

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

ODYSSEY MARINE EXPLORATION INC entered into Settlement, Release and Termination Agreement with Altos Hornos de México, S.A.B. de C.V. ("AHMSA"), Minera del Norte S.A. de C.V. ("MINOSA"), and Phosphate One LLC valued at $9.0 million (effective 2023-03-03).

Action: entry
Agreement: settlement
Counterparty: Altos Hornos de México, S.A.B. de C.V. ("AHMSA"), Minera del Norte S.A. de C.V. ("MINOSA"), and Phosphate One LLC
Value: $9.0 million
Effective: 2023-03-03

Exact text from the filing

On March 3, 2023, Odyssey, Altos Hornos de México, S.A.B. de C.V. (“AHMSA”), Minera del Norte S.A. de C.V. (“MINOSA”), and Phosphate One LLC (“Phosphate One” and together with AHMSA and MINOSA, the “AHMSA Parties”) entered into Settlement, Release and Termination Agreement (the “Termination Agreement”).

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10 debt financings filed in the last 30 days. Browse all debt financings →

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Source: SEC EDGAR

accession 0001193125-23-066473

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