Law firm Akerman reported that it represented Odyssey Marine Exploration, a Tampa-based company focusing on deep-ocean exploration, in a strategic financing agreement with Minera del Norte S.A. de c.v. (MINOSA), an owner and operator of mines and mineral rights, to facilitate Odyssey’s offshore mineral and resource exploration worldwide.
According to a release, subject to the terms and conditions of the agreement, MINOSA will provide short-term debt financing to Odyssey of up to $ 14.75 million, and MINOSA subsidiary Penelope Mining LLC has agreed to invest up to $ 101 million over three years in Odyssey’s convertible preferred stock.
The transaction signed on March 11.
Tampa Office Managing Partner David Doney led the Akerman team representing Odyssey. Additional Akerman lawyers who significantly contributed to the transaction included New York partners Kenneth Alberstadt, Capital Markets Practice Chair, Carlos Mendez-Penate, Latin America & the Caribbean Practice Co-Chair, and Fort Lauderdale partner Philip Schwartz with the Corporate Practice Group.
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