Odyssey Marine Exploration Secures Strategic Debt Financing Deal

Odyssey Marine Exploration, Inc. (NASDAQ: OMEX), a global subsea mineral exploration, validation, and development company, reported today that it took a significant financial step by entering into a note and warrant purchase agreement with several of the company's largest institutional investors on December 1, 2024.

Led by Two Seas Capital, the investors include Four World Capital Management, Greywolf Capital Management, and DP Special Opportunities Fund I, LLC. The facility provides the company with capital to allow it to continue to execute project plans and strategic initiatives through the first quarter of 2024.

“At Two Seas, we specialize in investments in companies with unappreciated, high-value litigation events. That is what attracted us to Odyssey, a company with a strong NAFTA arbitration claim against the United Mexican States. Subsea mineral resources can be an important contributor to sustainable solutions for the world, and the ExO Project could have supported Mexico’s food security needs for a generation,” said Sina Toussi, Founder and Chief Investment Officer of Two Seas Capital. “What has been made clear to us is that Mexico acted against the interests of the Mexican people and in violation of its commitments under NAFTA in blocking this project. This funding will bridge Odyssey to what we believe will be a just judgment in the arbitration and position Odyssey to pursue several new high-value projects that will address supply constraints for battery metals, phosphate (a necessary component for fertilizer) and other scarce resources in a sustainable way.”

"Based on our belief in the mission and strategy of Odyssey, Four World Capital Management has built a sizeable position in the company, which is developing global projects aimed at supplying essential battery metals for the global clean energy transition and phosphate, a vital component crucial to fertilizer production. We have participated in every funding transaction the company has offered over the past two years, and we are pleased to be involved in this initiative by offering funding to maximize the company's potential for success," said John Addis, Four World Capital Management's Founder and Chief Investment Officer.