Odyssey Marine Exploration, Inc. and Capital Latinoamericano, S.A. de C.V. (CapLat) announced the formation of a joint venture to develop a strategic fertilizer project in Mexico. This partnership aims to establish a private-public collaboration with the Mexican government, focusing on a high-quality phosphate resource within Mexico’s Exclusive Economic Zone. The project seeks to enhance North American food security and support sustainable agriculture.
In conjunction with the joint venture, Odyssey secured $4 million in new funding. This investment was led by Mr. Juan Cortina, holders of Odyssey’s debt, and Odyssey’s lead director, and was priced at a premium to market without warrants. The capital infusion is designated to provide working capital and fund operations as the strategic project progresses.
Separately, Odyssey announced that holders of its debt have agreed to extend the maturity dates of existing notes. Notes originally due in December 2024 have been extended to December 2025, and notes due in June 2025 are now extended to April 2026. This debt restructuring defers material cash needs and provides the company with additional financial flexibility.
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