![]() Odyssey also provides support to the project as a marine services provider to CIC and as a member of the CIC Consortium, which includes Royal Boskalis Westminster NV and five other companies. This means the company can earn approximately 3.5 million additional equity units in CIC under our current services agreement. Odyssey has the ability to earn up to 20.0 million equity units over the next several years, which represents an approximate 16.0% interest in CIC based on the currently outstanding equity units. Odyssey currently holds 13.9% of CIC Limited (a company founded and led by Greg Stemm, Odyssey’s co-founder and former CEO). The project’s NI 43-101 highlights the strategic size and grade of the resource, the operational viability of the project, and the project’s value.ĬIC Ocean Research Project (Polymetallic Nodules) Odyssey’s filings demonstrate that the project did not receive fair and equitable treatment by Mexico resulting in the illegal denial of the ExO Phosphate Project Environmental Permit. ![]() Odyssey cannot predict the length of these deliberations or when a ruling will be issued, but we remain confident in the merits of our case. Then the evidentiary phase of the case will be closed, and the Tribunal can begin its deliberations. According to the procedural calendar, written closing arguments will be filed in late August 2022, subject to any short extensions. The final merits hearing took place on May 10, 2022, before the NAFTA Tribunal. Both parties have completed filing all witness statements, expert reports and evidence in the case. The project is currently the subject of a NAFTA arbitration action against Mexico. Odyssey currently owns 56.3% of this project with an option to increase equity ownership to 65.0% upon conversion of debt. The company believes subsea phosphorite deposits and polymetallic nodule resources are two of the best options for near-term extraction. Odyssey’s project development focus is on mineral types that can be extracted economically with minimal environmental impact while offering the potential to provide an abundant source of minerals that will benefit society. Our research team is also actively identifying new projects that will leverage our experience in deep-water exploration and we are currently evaluating a new project that already has licenses and exploration results,” finished Gordon. Several of our projects are advancing through the development curve, reducing the risk and increasing the value associated with these assets. ![]() “Finally, whether it’s countries seeking to secure phosphate for fertilizer production or OEMs looking for an alternate supply of critical metals to power renewable energy technologies, Odyssey remains focused on developing its already diverse portfolio of projects that can deliver these resources. Importantly, the company remains cautiously optimistic that it will continue to make progress on this front, both in reducing debt and extending maturities, to ensure long-term success for the company,” continued Jones. “The company reduced debt by over $5.0 million in the quarter. “Additionally, the capital will provide for targeted investments in key mineral projects that will help power the shift to renewable energy sources.” ![]() Odyssey expects this financing to carry the company through a decision on the NAFTA arbitration,” said Christopher Jones, Odyssey Chief Financial Officer. “In mid-June, Odyssey closed a registered direct offering of equity securities that has allowed the company to continue to deleverage its balance sheet while also providing capital for Odyssey’s ongoing operations and projects. While these efforts have taken more time and resources than expected, Odyssey is more optimistic than ever that it will succeed in driving a positive response for shareholders,” stated Mark Gordon, Odyssey Marine Exploration’s Chief Executive Officer and Chairman of the Board. To be clear, ensuring a favorable outcome in the company’s ongoing NAFTA litigation with Mexico remains its most important objective. “The second quarter was an important period for Odyssey, as the company made considerable progress in ensuring the company’s future as a leader in the exploration and development of critical mineral resources across the globe. (NASDAQ:OMEX), a global subsea mineral exploration and development company, provided a corporate update. Odyssey completes $16.1M registered direct offering, allowing the company to continue its deleveraging efforts and providing capital for Odyssey through a NAFTA decision. The ExO NAFTA case moves toward conclusion of evidentiary phase and prepares for closing submissions in the third quarter of 2022. ![]()
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