Ex-Rio Boss to List Seabed Mining Firm in $1 Billion Deal (1)

American Ocean Minerals Corp., a deep-sea exploration company led by former Rio TintoChief Executive Officer Tom Albanese, is combining with Odyssey Marine Exploration Inc. in a reverse merger.

The all-stock deal values the combined company at about $1 billion on a pro forma equity basis, the companies said in a statement Wednesday morning. The announcement confirms an earlier report from Bloomberg News.

As part of the transaction, a group of institutional investors have committed to a $150 million private placement and a $75 million pre-public financing. Citigroup Inc. and Cantor Fitzgerald LP arranged the placement, while Moelis & ...