Odyssey Marine Exploration and CapLat partnered to explore new phosphate project in Mexico

Odyssey Marine Exploration (NASDAQ: OMEX), known for its ocean exploration expertise, has entered a joint venture with Capital Latinoamericano (CapLat) to spearhead a strategic fertilizer project within Mexico’s Exclusive Economic Zone (EEZ). This initiative, backed by substantial research and validation of a high-quality phosphate resource, aims to create a public-private partnership with the Mexican government.

The project is intended to bolster sustainable agriculture, enhance local communities, and contribute to Mexico’s food and nutrition security efforts, part of a broader initiative toward agricultural self-sufficiency. The collaboration leverages Odyssey’s subsea resource exploration capabilities and CapLat’s leadership in Mexico’s agricultural sector. The project plans to employ advanced technology and sustainable dredging techniques, which have been successfully used in over 200 similar projects in Mexican waters.

In conjunction with the joint venture, Odyssey also announced a securities purchase agreement where it secured $4 million in funding. This funding is set to provide necessary capital for ongoing operations as project developments.