Odyssey Marine obtains backing from Epsilon

Odyssey Marine Exploration, a deep-sea exploration enterprise, has inked an agreement with Epsilon Acquisitions LLC for a $3 million, one-year, interest-bearing convertible loan, along with related contracts, the company recently announced from its Tampa, Florida headquarters.

An existing note from Minera del Norte S.A. de C.V. (MINOSA) was extended until March 18, 2017, with Odyssey agreeing to avoid terminating the Stock Purchase Agreement (SPA) with Penelope Mining LLC, a subsidiary of MINOSA, until March 18, 2017.

When Odyssey stockholders approved an initial SPA executed on March 13, 2015, Penelope Mining signed on to invest as much as $101 million over the span of the next three years.

“The Odyssey management team has been working closely with the MINOSA team throughout the past year,” Odyssey CEO Mark Gordon said. “Although the initial closing of the SPA has taken longer than originally contemplated due to the extended environmental approval process for the Oceanica project, the continued assistance provided by MINOSA and this recent agreement with Epsilon reinforces our belief that MINOSA is the right partner for Odyssey’s offshore mineral exploration business.”

Epsilon is owned primarily by Alonso Ancira, who also serves as the executive chairman of MINOSA’s parent company, Altos Hornos de Mexico S.A.B. de C.V.

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