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American Ocean Minerals, led by former Rio Tinto CEO Tom Albanese, will merge with Odyssey Marine Exploration in a $1 billion all-stock deal.
American Ocean Minerals will merge with Odyssey Marine Exploration in a $1 billion all-stock deal.
KEY POINTS
- The merged entity will control one of the world's largest portfolios of underwater mineral deposits.
- AOM has requested two international mining licenses in the Clarion-Clipperton Zone, challenging the International Seabed Authority.
- Institutional investors will provide $225 million in private placement and pre-public financing for the merger.
- The new company will be listed on Nasdaq under the ticker 'AOMC' after the deal closes.
COMPANIES
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