Odyssey Marine Exploration forms joint venture to advance strategic fertilizer project, secures funding, and extends debt maturity
Published by Emilie Grant,
Editorial Assistant
World Fertilizer,
Odyssey Marine Exploration, Inc., a global leader in ocean exploration, and Capital Latinoamericano, S.A. de C.V. (CapLat) have announced a joint venture (JV) to develop a strategic fertilizer project. Building on extensive research and validation of a high-quality phosphate resource within Mexico’s Exclusive Economic Zone (EEZ), the JV seeks to establish a private-public partnership with the Mexican government, promoting shared prosperity through sustainable agriculture that empowers farmers and strengthens local communities. The potential project seeks to contribute towards the food and nutrition security efforts currently pursued by Mexico as part of a broader food and agriculture self-sufficiency program initiative.
"A secure, high-quality domestic fertilizer supply can be transformative for North America’s agricultural foundation,” said Juan Cortina, principal of CapLat. “This project has the potential to lower costs for farmers and bring meaningful benefits to communities – particularly small-scale farmers – by increasing access to affordable fertilizers and fostering rural development. We are looking forward to exploring the opportunity to move the project forward in collaboration with industry and the government.”
“We are excited about the opportunities this partnership presents for Odyssey’s future growth,” said Mark Gordon, CEO and Chairman of the Board of Odyssey. “The increasing demand for sustainable fertilizers makes this joint venture both timely and essential. Over recent years, we have collaborated closely with Mr. Cortina to align our vision and expertise, and this partnership reflects our shared commitment to advancing responsible resource development that drives economic growth and agricultural progress.”
The partnership combines Odyssey’s subsea resource exploration expertise with Mr. Cortina’s leadership in Mexico’s agricultural sector, where he has championed innovation, food security, and sustainability. The project will employ advanced technology and proven sustainable dredging techniques, which have been successfully used in over 200 similar projects in Mexican waters by a local operating partner for the project.
Odyssey have also announced that it had entered into a securities purchase agreement pursuant to which Odyssey secured US$4 million in funding. The investment was led by Mr. Cortina, holders of Odyssey’s debt, and Odyssey’s lead director. It was priced at a premium to market with no warrants. The funding reflects the investors’ confidence in the joint venture's potential and will provide working capital and funding for operations as the strategic project is developed. Separately, holders of Odyssey’s debt have agreed to extend the maturity date of notes due December 2024 to December 2025 and notes due June 2025 to April 2026.
Read the article online at: https://www.worldfertilizer.com/project-news/08012025/odyssey-marine-exploration-forms-joint-venture-to-advance-strategic-fertilizer-project-secures-funding-and-extends-debt-maturity/
You might also like
Sage Potash provides updates to equipment purchase and financing
Sage Potash Corp. has announced that the equipment purchase transaction contemplated in its 9 September 2024 news release will now be carried out through an alternative equipment leaseback arrangement, which, in management's view, is more financially beneficial to the company than the direct purchase transaction.