Odyssey gets $5.6M from Galt

TAMPA — Odyssey Marine Exploration Inc. (symbol: OMEX) has entered into a financing arrangement with Galt Resources LLC that will help the Tampa firm cover its up-front costs. The deep-ocean exploration company in search of long-lost treasure has already obtained $5.6 million from Galt through the deal, and that investment could grow to $10 million.

In exchange for the financing, Galt — which is run by former Odyssey CEO John Morris — will take half the proceeds from the Odyssey project of its choosing (the project must be chosen before the fact), up until it is paid back an amount four times its original investment. After that, Galt will take 1% of all additional proceeds for every million dollars it invests up front.

"The Galt agreement is a unique way to leverage our projects while minimizing long-term dilution for shareholders,” said current Odyssey CEO Greg Stemm. “Overall this is less dilutive project financing than we have received on previous projects and reflects a new model for offsetting risk and leveraging the value reflected in our portfolio of projects."