Odyssey Marine Exploration, Inc. (NASDAQ:OMEX), a deep-ocean exploration pioneer engaged in the discovery, development and extraction of deep-ocean minerals, has secured up to an additional $10 million from its existing litigation funder, Poplar Grove, LLC (managed by Drumcliffe LLC) to support its pending North American Free Trade Agreement (NAFTA) claim against Mexico and provided an update on the successful execution of Odyssey’s 2020 business plan objectives. Read more.
Asset recovery funder Drumcliffe LLC has increased its stake in a potential $3 billion NAFTA arbitration claim against Mexico by purchasing shares in Odyssey Marine Exploration (NASDAQ:OMEX). The claim relates to Mexico’s denial of an off-shore dredging license previously granted to an Odyssey subsidiary for one of the largest untapped phosphate deposits in the world. Drumcliffe has been providing financing to Odyssey to support its arbitration efforts since 2019. “In our view, Odyssey’s recently published Reply to Mexico’s Counter-Memorial in the NAFTA arbitration only reinforces the merits of Odyssey’s claim and the restitution they deserve,” said James C. Little, Drumcliffe’s CEO.
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