Odyssey Marine forms 50/50 JV; capitalizes $137M debt for 69.5% Oceanica stake

ODYSSEY MARINE EXPLORATION INC

JV Entity formed June 4 with CapLat and Oceanica Mexico each holding 50% equity.
Up to $137.3M intercompany debt converted into Oceanica Mexico equity, raising Odyssey's indirect stake to ~69.5%.
Seven officers/administrators to exchange ~$1.7M in Oceanica member interests for restricted OMEX shares.
Annual meeting: all 5 director nominees elected; Grant Thornton ratified.
Shareholders rejected proposals to increase authorized stock to 150M shares and reverse split up to 1:8.

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