http://charlotte.bizjournals.com/tampabay/stories/2007/12/17/daily13.html
Odyssey Marine Exploration Inc. sold shares of a newly created class of convertible preferred stock for $11.9 million.
The company expects net proceeds to be used for general corporate purposes, according to a filing with the Securities and Exchange Commission. Based on operations planned for 2008, Odyssey believes the proceeds of the financing, combined with existing cash on hand and other sources of working capital will be sufficient to meet capital needs next year, the filing said.
Odyssey sold 22 shares of Series F convertible preferred stock for $540,000 a share to a purchaser who was not identified in the filing, other than saying the purchaser is an accredited investor who bought the shares for investment purposes.
The Series F preferred stock has no voting rights. Each share is convertible to 100,000 shares of Odyssey's common stock, although there are restrictions on that conversion, the filing said.
Odyssey (NASDAQ: OMEX) is a Tampa-based shipwreck exploration company with several salvage operations in progress.