Odyssey Marine gets 12% of Chatham Rock in charter payment

Odyssey Marine Exploration, the Nasdaq-listed marine explorer, has emerged as a 12.2 percent shareholder in Chatham Rock Phosphate after the company investigating the feasibility of mining rock phosphate from the seabed used shares to pay for the ship charter.

Odyssey Marine was issued with 9.3 million shares of Chatham Rock at 23 cents apiece. Cruise costs incurred under the charter agreement totalled US$5.7 million, of which US$4 million was settled in cash, the company said today.

"This is a positive development for CRP as it allows us to maintain working capital in order to fulfil our work programme," said managing director Chris Castle. "We welcome Odyssey as a substantial shareholder."

Shares of Chatham Rock last traded on the NZAX at 24 cents and have soared 41 percent this year.

BusinessDesk.co.nz

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

Deep-sea phosphate miner CRP on track for final investment decision this year
Chatham Rise dredging project signs research vessel, seeks capital
Chatham Rock Phosphate delays IPO, first half loss widens
Chatham Rock Phosphate to investigate added-value processing options
Chatham Rock Phosphate says market re-rating stock on value of prospects