SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 of 15(d) of the
Securities Exchange Act of 1934
April 21, 2005
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Date of Report (date of earliest event reported)
ODYSSEY MARINE EXPLORATION, INC.
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Exact name of Registrant as Specified in its Charter
NEVADA 1-31895 84-1018684
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State or Other Jurisdiction Commission File IRS Employer Identification
of Incorporation Number Number
5215 West Laurel Street
Tampa, Florida 33607
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Address of Principal Executive Offices, Including Zip Code
(813) 876-1776
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Registrant's Telephone Number, Including Area Code
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On April 21, 2005 Odyssey Marine Exploration, Inc. (the "Company")
entered into a $6 million revolving credit facility from the Mercantile Bank
(the "Bank"). The credit facility replaces the Company's prior credit
facility with The Bank of Tampa. The credit facility has a floating interest
rate equal to the "LIBOR 30-Day Index Rate" plus two hundred sixty-five basis
points (2.65%), requires monthly payments of interest only and is due in full
on April 21, 2008. The Company will also be required to pay the Bank an
Unused Line Fee equal to 0.25% per annum of the unused portion of the credit
line, payable quarterly.
The line of credit is secured by numismatic quality gold and silver coins
recovered by the Company from the SS Republic shipwreck. The coins used as
collateral will be held by the Company's custodian until released by the Bank.
Additionally, the Company granted a first lien position on all corporate
assets, including a negative pledge on Company owned vessels. The Company is
required to comply with a number of covenants including maintaining a minimum
stockholders' equity of $20,000,000, which amount may be increased after the
first year.
The Company intends to use the line of credit as a means to fund ongoing
operations and equipment acquisitions while allowing the Company to make coin
sales using its strategy to take advantage of market conditions.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned, hereunto duly authorized.
ODYSSEY MARINE EXPLORATION, INC.
Dated: April 26, 2005 By: /s/ Michael J. Holmes
Michael J. Holmes
Chief Financial Officer