SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 of 15(d) of the
Securities Exchange Act of 1934
June 24, 2004
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Date of Report (date of earliest event reported)
ODYSSEY MARINE EXPLORATION, INC.
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Exact name of Registrant as Specified in its Charter
NEVADA 1-31895 84-1018684
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State or Other Jurisdiction Commission File IRS Employer Identification
of Incorporation Number Number
3604 Swann Avenue
Tampa, Florida 33609
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Address of Principal Executive Offices, Including Zip Code
(813) 876-1776
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Registrant's Telephone Number, Including Area Code
ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE
On June 24, 2004, Odyssey Marine Exploration, Inc. (the "Company"), entered
into a $5 million revolving credit facility from The Bank of Tampa (the
"Bank"). The credit line has a floating interest rate of the Bank's published
prime rate. The line of credit requires the payment of interest only on a
monthly basis during its term, and is due in full on June 24, 2005.
The line of credit is secured by a portion of the numismatically significant
gold coins recovered by the Company from the SS Republic shipwreck, and by any
of the Company's funds on deposit with the Bank. The coins used as collateral
will be held by the Company's custodian until released by the Bank. The
Borrowing Base of the line of credit will be 25% of the appraised value of the
gold coins that serve as collateral. The initial Borrowing Base has not been
determined.
The Company intends to use the line of credit as a means to fund ongoing
operations and equipment acquisitions while allowing the Company to make coin
sales using its strategy to take advantage of market conditions.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) EXHIBITS.
Exhibit 10.1 Revolving Credit Agreement with The Bank of Tampa
Exhibit 10.2 Revolving Credit Note to The Bank of Tampa
Exhibit 10.3 Security Agreement with The Bank of Tampa
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned, hereunto duly authorized.
ODYSSEY MARINE EXPLORATION, INC.
Dated: June 29, 2004 By:/s/ John C. Morris
John C. Morris, President