- March 28, 2024
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Looking for buried treasure takes more than just a map and an “X” to mark the spot.
As Odyssey Marine Exploration Inc. is finding out, it costs a lot of money, too.
The Tampa-based deepwater salvage company recently picked up a short-term loan of $14.8 million from Minera del Norte SA of Mexico. With that loan, Minera del Norte subsidiary Penelope Mining LLC will invest up to $101 million in Odyssey over three years.
The debt and equity financing will allow Odyssey to locate and recover shipwrecks from the ocean floor. That's a venture that has earned the company $75.2 million in revenues since 2010, but cost nearly $95 million in net losses over the same period.
The deal will give Penelope Mining -- which focuses on seafloor mining rights — control of Odyssey with majority voting power. Stockholders have to approve the deal, but Odyssey's directors and officers tell the U.S. Securities and Exchange Commission it will commit its 5 million shares toward approval.
Investors seemed excited about the deal at first, with Odyssey shares jumping 26% when the Nasdaq reopened that following Monday. But that hype cooled quickly, with shares closing that day slightly below the price Odyssey commanded before the announcement.