Seeking Alpha

Odyssey Marine Exploration (OMEX) nets $8.75M on a $10M early exercise of an option held by Mako...

Odyssey Marine Exploration (OMEX) nets $8.75M on a $10M early exercise of an option held by Mako Resources to purchase 8M shares of Oceanica Resources, S. de R.L., owned by Odyssey. The exercise price of $1.25/share, discounted from an original $2.50 in order to facilitate this transaction, represents a 25% increase over the price Mako paid for the 15M shares of Oceanica it bought in February. Mako still holds an option to buy another 7M shares of Oceanica at $2.50 before Dec. 31. (PR)
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Comments (4)
  • David Jackson
    , contributor
    Comments (1238) | Send Message
     
    Any predictions for how this will impact OMEX's stock price?
    14 Jun 2013, 07:25 AM Reply Like
  • Matt Schilling
    , contributor
    Comments (605) | Send Message
     
    Shares are off 1.5%, although I'm no expert on OMEX, but I guess all eyes are on at what price Mako will exercise its remaining option. (Nice to meet you Mr. Jackson).
    14 Jun 2013, 11:04 AM Reply Like
  • John/Jack
    , contributor
    Comments (101) | Send Message
     
    Looks like goods news/bad news to me. These investors like Oceania's prospects and OMEX owns a ton; but it also shows -- as always -- that OMEX is in need of operating capital.
    14 Jun 2013, 09:14 AM Reply Like
  • Papaoomowmow
    , contributor
    Comments (351) | Send Message
     
    <<but it also shows -- as always -- that OMEX is in need of operating capital. >>

     

    LOL

     

    Well Said, John/Jack!

     

    Yeah they sure are always in need (so far). As a long I of course hope that abruptly changes in the next year.

     

    Still a nice maneuver. What did they spend on the core of the Oceanica? 6 or 7 million? In just a few months that has already yielded a net profit of around 12 million with possibly more to come.

     

    Anything that keeps them a little further ahead of the dilution wolves is fine by me.
    15 Jun 2013, 09:49 AM Reply Like
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