Odyssey Marine Exploration (OMEX) ends 2013 with $31.7M in cash on hand, compared to $11.2M at the end of the previous quarter and $10.1M at the end of 2012.
The increase in cash was primarily due to the monetization of the SS Gairsoppa silver the company recovered in 2013, as well as $2.5M from the exercise of additional options in Oceanica Resources, an Odyssey subsidiary that controls certain seabed mineral deposits.
Although all the Gairsoppa silver has been monetized, a small amount of gold derived from refining of silver remains to be monetized in 2014.
The $10M Gairsoppa project bank loan remains outstanding; OMEX plans to repay it before its scheduled maturity date of July 24, 2014.
Odyssey expects to report significant revenues, profits, positive operating cash flows, and positive net cash flows for the fourth quarter of 2013. It believes that between cash on hand, conventional bank facilities, and funds expected to be generated from both the mineral exploration business and shipwreck operations there will be adequate funding for planned operations during 2014 with no need for equity financing using OMEX stock.