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Hot Stocks
Odyssey Marine appoints Jones as Chief Financial Officer » 08:43
06/15/21
06/15
08:43
06/15/21
08:43
OMEX

Odyssey Marine

$6.85 /

-0.35 (-4.86%)

Odyssey Marine…

Odyssey Marine Exploration has expanded its executive and legal teams in support of the company's key strategic goals. On June 14, 2021, the Odyssey Board of Directors appointed Christopher Jones as Chief Financial Officer and re-appointed Jay Nudi as the company's Principal Accounting Officer and Treasurer. In addition to expanding the Odyssey executive team with Chris Jones, Odyssey also added resources to augment our already extremely strong NAFTA legal team. Additional litigators and expert consultants have been added to the team.

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OMEX Odyssey Marine
$6.85 /

-0.35 (-4.86%)

Over a quarter ago
Hot Stocks
Odyssey Marine's First Memorial in NAFTA case published » 08:07
01/27/21
01/27
08:07
01/27/21
08:07
OMEX

Odyssey Marine

$7.64 /

+0.24 (+3.24%)

Odyssey Marine…

Odyssey Marine Exploration has been notified that the First Memorial filed by Odyssey in September 2020 in its pending North American Free Trade Agreement case against Mexico has now been published by the International Centre for Settlement of Investment Disputes. The $2.3B claim against Mexico under NAFTA relates to the unlawful denial of the environmental permit for subsidiary Exploraciones Oceanicas' offshore phosphate project. The First Memorial filing is supported by documentary evidence and 20 expert reports and witness statements. In summary, this evidence includes: MERITS: Testimony from independent environmental experts that the environmental impact of ExO's phosphate project is minimal and readily mitigated by measures proposed by ExO. Witnesses with first-hand knowledge also testified that the denial of environmental approval by Mexico's prior administration was politically motivated and not justified on environmental grounds. Evidence was also submitted demonstrating that Mexico granted environmental permits to similar dredging projects in areas that are considered more environmentally sensitive than ExO's project location. RESOURCE: An independent certified marine geologist testified as to the size and character of the resource which underpins the value of the claim, commercial viability and strategic importance of the mineral concession. OPERATIONAL VIABILITY: Engineering experts testified that the project uses established dredging technology that is commonly used in Mexico and around the world. VALUE: A Phosphate market analyst testified that the project's projected CAPEX and OPEX would make the project one of the lowest cost phosphate rock resources in the world, and damages experts testified the project would be commercially viable and profitable.

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OMEX Odyssey Marine
$7.64 /

+0.24 (+3.24%)

Hot Stocks
Odyssey Marine secures up to additional $10M to support NAFTA claim » 08:43
12/21/20
12/21
08:43
12/21/20
08:43
OMEX

Odyssey Marine

$6.54 /

-0.02 (-0.30%)

Odyssey Marine…

Odyssey Marine Exploration has secured up to an additional $10M to support its pending North American Free Trade Agreement claim against Mexico and provided an update on the successful execution of Odyssey's 2020 business plan objectives. The NAFTA claim relates to the unlawful denial of the environmental permit for subsidiary Exploraciones Oceanicas' offshore phosphate project. Odyssey's existing litigation funder, Poplar Grove, LLC, has agreed to provide up to an additional $10M to fully support the NAFTA claim under substantially the same terms as our prior agreement. Poplar Grove is managed by Drumcliffe.

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OMEX Odyssey Marine
$6.54 /

-0.02 (-0.30%)

Hot Stocks
Odyssey Marine files First Memorial in Mexico NAFTA case » 08:36
09/16/20
09/16
08:36
09/16/20
08:36
OMEX

Odyssey Marine

$7.03 /

+0.02 (+0.29%)

Odyssey Marine…

Odyssey Marine Exploration reports that on Friday, September 4, 2020, Odyssey filed the First Memorial in the case brought against Mexico under the North American Free Trade Agreement on its behalf and on behalf of subsidiary Exploraciones Oceanicas, alleging that Mexico wrongfully denied environmental approval of the ExO Phosphate project in breach of NAFTA. The First Memorial presents Odyssey's NAFTA claims that Mexico, among other things: Violated the Minimum Standard of Treatment; Indirectly expropriated the investment; and Treated the investment less favorably than it treated domestic investors.Odyssey seeks damages of more than $2.3 billion including interest from April 2016 to the date of the First Memorial's submission. The First Memorial is supported by documentary evidence, and 20 expert reports and witness statements. In summary, this evidence includes: MERITS: Testimony from independent environmental experts and legal experts that the environmental impact of ExO's phosphate project is minimal and readily mitigated by the mitigation measures proposed by ExO. Witnesses also testified that Mexico's denial of environmental approval by the prior administration was politically motivated and not justified on environmental grounds, and that Mexico granted environmental permits to similar dredging projects in areas that are considered more environmentally sensitive than ExO's project location. RESOURCE: An independent marine geologist testified as to the size and character of the resource. OPERATIONAL VIABILITY: Engineering experts testified that the project uses established dredging and processing technology, and the project's anticipated CAPEX and OPEX was reasonable. VALUE: A Phosphate market analyst testified that the project's projected CAPEX and OPEX would make the project one of the lowest cost phosphate rock resources in the world, and damages experts testified the project would be commercially viable and profitable.

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OMEX Odyssey Marine
$7.03 /

+0.02 (+0.29%)

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