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TAMPA — Odyssey Marine Exploration Inc. (symbol: OMEX) will issue 4 million new shares of its common stock in a public offering. At its current price, the stock issuance could raise $16 million in new capital for the Tampa-based firm.
The company did not specify a use for the new funds.
Roughly 67 million shares of Odyssey stock are currently available to the public, so the offering would increase the company's total outstanding shares by 5%. If the company's current enterprise value were to hold, its stock price would decline to $3.90 per share as a result of the issuance.
Odyssey has a history of being creative to obtain financing. In March, the ocean exploration company borrowed $2 million in cash from Robert Fraser & Partners in exchange for a percentage of net revenues from a future exploration project.
Odyssey earned $21 million in revenues in 2010, but nearly $38 million in expenses pushed its operating income deep into the red, at a negative $16.8 million.
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