Odyssey CEO Mark Gordon to Deliver Keynote and Investor Presentation at The LD 500 Virtual Investor Conference August 31 and ...
August 31 2020 - 8:45AM
Odyssey Marine Exploration, Inc. (NASDAQ:OMEX), a deep-ocean
exploration pioneer engaged in the discovery, development and
extraction of deep-ocean minerals, today announced that Chairman
and CEO Mark Gordon will deliver a keynote presentation at
12:30 pm EDT today and an investor presentation on Thursday,
September 3 at 11:40 am EDT at The LD 500 virtual investor
conference. Registration is free and available through the
conference website at https://ld500.ldmicro.com/.
“Last week we announced and closed a registered
direct offering of securities that provided operating capital to
take Odyssey through an expected catalytic event,” stated Mark
Gordon. “The LD 500 conference is the perfect opportunity to
present our plans and upcoming opportunities to a broader
audience.”
The financing transaction provided $11.3 million
to Odyssey; and Odyssey agreed to invest a portion of that amount
to fund operating expenses of Exploraciones Oceanicas (ExO), holder
of 50-year mining license for one of the largest untapped phosphate
deposits in the world. Odyssey owns a controlling interest in ExO
through Odyssey’s controlled Panamanian subsidiary, Oceanica
Resources. Odyssey has filed a claim against Mexico under the North
American Free Trade Agreement (NAFTA) based upon Mexico’s arbitrary
and illegal denial of an environmental permit to recover phosphate
sands in the license area.
The investor group was anchored by Odyssey’s existing NAFTA
funding partner, Poplar Grove LLC. Poplar Grove is managed by
Drumcliffe LLC, a private investment management firm that oversees
high-value litigation funding portfolios of over $14 billion in
claims.
“Drumcliffe’s sole focus is to finance and support the recovery
of value for the victims of global fraud, corruption and
wrongdoing. Our underwriting prior to investing in this matter
revealed the actions of the Peña Nieto administration—in particular
the actions of former SEMARNAT director Rafael Pacchiano—deprived
both Odyssey and the Mexican people of the benefits of this
valuable, transformative natural resource,” explained James C.
Little, CEO of Drumcliffe.
“We applaud the López Obrador administration’s efforts to remedy
their predecessors’ misconduct and hope Odyssey and the Mexican
Government can resolve this dispute amicably,” Mr. Little
stated. “But the proceeds of the registered direct offering
and Drumcliffe’s arbitration funding will also ensure Odyssey has
more than enough working capital to resolve this multi-billion
dollar dispute through arbitration if it is forced to do so.
We look forward to reading Odyssey’s written arguments after they
are filed.”
Several long-term Odyssey investors and litigation investment
funds, including Kairos Litigation Opportunity Funds and FourWorld
Capital Management are also included in the investor group. The
Company believes that the large investments made after intensive
due diligence by these funds, which specialize in evaluating
litigation risk and potential, is an additional strong endorsement
of the merits of Odyssey’s NAFTA case.
“To achieve the best outcome for Odyssey shareholders, whether
through the full NAFTA process or through an earlier settlement, it
is imperative that Odyssey and ExO have sufficient cash to last
through the outside dates associated with the expected NAFTA
timeline. The new financing does exactly that, while allowing us to
make investments to create accretion in the phosphate project,”
stated Mark Gordon. “This is also extremely significant in terms of
management focus. Based on current budgets and forecasts,
this capital will provide Odyssey with the longest duration of
operating capital in its 26-year history. There has not been
a point in time during our entire history where management did not
have to dedicate some portion of its focus to capital raising
activities. For the coming years, management can now turn our full
attention to producing value-creating results for shareholders.
“As we put the finishing touches on our first Memorial filing in
the NAFTA case, we are more confident than ever in the merits of
our case. This will be Mexico’s first opportunity to review the
evidence, which strongly corroborates the prior unanimous decision
of Mexico’s own federal court in 2018 that the denial of the
environmental permit was illegal under Mexican environmental law,”
continued Gordon.
“Although the financing was designed to ensure that we have
sufficient cash to last through the full duration of the
arbitration process, we continue to believe a mutually beneficial
settlement is in Mexico’s and our shareholder’s best interests.
Mexico imports almost 60% of its phosphate rock, and a significant
portion of Mexico’s arable land remains unfertilized. This project
can help Mexico become a net exporter of fertilizer and achieve
food security for its citizens,” added Gordon.
About Odyssey Marine
Exploration Odyssey Marine Exploration, Inc. (Nasdaq:OMEX)
is engaged in deep-ocean exploration using innovative methods and
state-of-the-art technology to provide access to critical resources
worldwide. Our core focus is the discovery, development and
extraction of deep-ocean minerals. Odyssey also provides marine
services for private clients and governments. For additional
details, please visit www.odysseymarine.com.
Forward Looking
InformationOdyssey Marine Exploration believes the
information set forth in this Press Release may include "forward
looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act of
1933 and Section 21E of the Securities Act of 1934. Certain factors
that could cause results to differ materially from those projected
in the forward-looking statements are set forth in "Risk Factors"
in Part I, Item 1A of the Company's Annual Report on Form 10-K for
the year ended December 31, 2019, which was filed with the
Securities and Exchange Commission on March 30, 2020. The financial
and operating projections as well as estimates of mining assets are
based solely on the assumptions developed by Odyssey that it
believes are reasonable based upon information available to Odyssey
as of the date of this release. All projections and estimates are
subject to material uncertainties and should not be viewed as a
prediction or an assurance of actual future performance. The
validity and accuracy of Odyssey's projections will depend upon
unpredictable future events, many of which are beyond Odyssey's
control and, accordingly, no assurance can be given that Odyssey's
assumptions will prove true or that its projected results will be
achieved.
Cautionary Note to U.S.
InvestorsThe U.S. Securities and Exchange Commission (SEC)
permits mining companies, in their filings with the SEC, to
disclose only those mineral deposits that a company can
economically and legally extract or produce. We use certain terms
in this press release, such as "measured," "indicated," "inferred"
and "resources," which the SEC guidelines strictly prohibit us from
including in our filings with the SEC. "Inferred mineral resources"
have a great amount of uncertainty as to their existence and great
uncertainty as to their economic and legal feasibility. It cannot
be assumed that all or any part of an inferred mineral resource
will ever be upgraded to a higher category. U.S. investors are
cautioned not to assume that part or all of the inferred mineral
resource exists, or is economically or legally mineable, and are
urged to consider closely the disclosures in our Form 10-K, which
may be obtained from us or from the SEC's website at
http://www.sec.gov/edgar.shtml.
CONTACT:
Laura Barton
Odyssey Marine Exploration, Inc.
(813) 876-1776 x 2562
laura@odysseymarine.com
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