TMC Announces $37 Million Strategic Investment to Advance Deep-Sea Mineral Development

Core Viewpoint - TMC the metals company Inc. announced a $37 million registered direct offering to advance its commercial development plans and support operations through the potential issuance of a commercial recovery permit [1][2][3] Group 1: Offering Details - TMC will issue 12.3 million common shares at $3.00 per share, with each share accompanied by a Class C warrant to purchase one additional share at an exercise price of $4.50 per share [2] - The warrants have a three-year term and include a compulsory exercise provision if the stock trades above $7.00 per share for 20 consecutive trading days [2] - Gross proceeds are expected to total approximately $37 million before expenses, sufficient to fund operations through the potential issuance of a commercial recovery permit [2][6] Group 2: Strategic Partnerships - Michael Hess and Brian Paes-Braga are participating in the offering, bringing extensive experience in exploration and production [1][3] - The partnership aims to advance America's mineral independence and support the development of ocean minerals [3][6] Group 3: Regulatory Context - The offering is subject to customary closing conditions and is expected to close on or about May 22, 2025 [2] - Shelf registration statements related to the securities were filed and declared effective by the U.S. Securities and Exchange Commission [3]