On April 8, 2026, American Ocean Minerals Corporation and Odyssey Marine Exploration, Inc. entered into a definitive merger agreement to combine their businesses and create a leading deep-sea critical minerals research and resource extraction platform with an equity value of approximately US$1 billion. Following closing, the combined company will operate under the name American Ocean Minerals Corporation and is expected to trade on the Nasdaq under the ticker symbol “AOMC.”
American Ocean Minerals raised over US$230 million of equity capital, including a concurrent private placement of more than US$150 million from institutional and strategic investors and a US$75 million pre‑public financing completed prior to signing. In connection with the transaction, American Ocean Minerals also acquired various equity and debt instrument in (i) Ocean Minerals, LLC, which through its wholly owned subsidiary Moana Minerals Ltd, is a deepwater critical minerals exploration and development company focused on advancing polymetallic nodule resources within the exclusive economic zone of the Cook Islands; and (ii) CIC Limited, a privately held Cook Islands company focused on addressing challenges in the critical minerals supply chain through the development of ocean mineral resources. Upon completion of the transactions, American Ocean Minerals is expected to hold approximately 80% to 100% of the membership interests of Ocean Minerals and approximately 48% ownership interest in CIC with options to increase ownership in CIC to approximately 95% at American Ocean Minerals’ sole discretion.
This transaction creates one of the largest US-controlled platforms focused on the exploration, harvesting, and processing of deep-sea polymetallic nodules, with a diversified portfolio spanning US-regulated international waters and allied sovereign jurisdictions. American Ocean Minerals is positioned to play a significant role in supporting supply‑chain resilience and the growing global demand for critical minerals essential to advanced manufacturing, electrification, and energy transition technologies.
Cassels acted for American Ocean Minerals as strategic advisor and legal counsel in recognition of the firm’s market‑leading expertise in complex, cross‑border, and highly structured transactions and its integrated capabilities across M&A, capital markets, and financing matters.