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Odyssey Marine Exploration Shares Move Higher; Investor Group Led By Litigation Funder Drumcliffe Acquires 1.138M Shares In Co

An investor group led by asset recovery funder Drumcliffe LLC has purchased 1,138,245 shares in Odyssey Marine Exploration, Inc. (NASDAQ:OMEX) ("Odyssey"), from Epsilon Acquisitions LLC in a private transaction

Benzinga · 09/01/2021 12:45

An investor group led by asset recovery funder Drumcliffe LLC has purchased 1,138,245 shares in Odyssey Marine Exploration, Inc. (NASDAQ:OMEX) ("Odyssey"), from Epsilon Acquisitions LLC in a private transaction exempt from the registration requirements of the Securities Act of 1933, as amended.

The purchase price was not disclosed. Odyssey will not receive any proceeds from this transaction.

Odyssey is a deep-ocean exploration company that discovers, validates and develops high value seafloor resources in an environmentally responsible manner. Odyssey has a diversified mineral portfolio that includes projects controlled by it and other projects in which it is a minority owner and service provider.

Odyssey is currently pursuing a nearly $3 billion NAFTA arbitration claim against the Republic of Mexico. The claim relates to Mexico's denial of an off-shore dredging license previously granted to an Odyssey subsidiary for one of the largest untapped phosphate deposits in the world. Drumcliffe has been providing financing to Odyssey to support its arbitration efforts since 2019.

"In our view, Odyssey's recently published Reply to Mexico's Counter-Memorial in the NAFTA arbitration only reinforces the merits of Odyssey's claim and the restitution they deserve," said James C. Little, Drumcliffe's CEO.

Several long-term Odyssey investors and investment funds, including major Odyssey investor FourWorld Capital Management, and Greywolf Capital Management LP are also part of the investor group.