By Stephen Nakrosis


Odyssey Marine Exploration on Monday said it entered a note and warrant purchase deal with several of its largest institutional investors.

The deal was led by Two Seas Capital, and other participants included Four World Capital Management, Greywolf Capital Management, and DP Special Opportunities Fund I, LLC, the company said. The facility gives the company capital to continue on project plans and strategic initiatives through the first quarter of next year, Odyssey said.

The terms of the deal allow for the issuance of up to $6 million in promissory notes with an 11% annual interest rate, along with warrants allowing participants to purchase shares of Odyssey's common stock over the next three years, according to the company.

Odyssey said proceeds will be used for a number of purposes, including support of day-to-day operations and covering general corporate expenses.


Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

12-04-23 1847ET