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Odyssey Marine gets 12% of Chatham Rock in charter payment

Monday 18th June 2012

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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

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