Oceanic Research and Recovery Inc. (ORRV), a marine salvage and exploration company, announced it has entered into a Private Placement for the amount of $1m.
ORRV has received the first round of funding; under the terms of the agreement the balance of funds will be paid on a regular ongoing basis over a period of six months. This source of funding allows ORRV to meet certain outstanding obligations, continue refining its new organization and begin implementation of its business plan.
RS Operations (RSOPS) and ORRV recently completed a merger between the two companies. The company intends to continue shallow-water activities while preparations are made to begin targeting deep-water shipwrecks.