MAKO Resources, LLC agreed to acquire 15% stake in Oceanica Resources, S. de. R.L from Odyssey Marine Exploration Inc. (NasdaqCM:OMEX) for $15 million on February 21, 2013. As per the terms of the deal, Odyssey Marine Exploration will sell to Mako up to 15 million of shares for a purchase price of $1 per share, and the purchase and sale of shares could be consummated in one or more closings, with the initial closing to be held on February 21, 2013. The agreement further ... provides that at each closing, Mako will be granted an option to purchase a number of additional shares held by Odyssey equal to the number of quotas purchased by Mako at such closing. The options have an exercise price of $2.5 per share and are exercisable at any time and from time to time through and until December 31, 2013. An initial closing was held on February 21, 2013. At the closing, Odyssey sold and transferred to Mako 10 million shares for an aggregate purchase price of $10 million. Pursuant to the agreement, Mako is permitted to purchase an additional 5 million shares on or before February 28, 2013. Curt P. Creely of Foley & Lardner LLP acted as legal advisor to Mako Resources. David M. Doney of Akerman Senterfitt acted as legal advisor to Odyssey Marine Exploration.
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