NEW YORK - Oct. 19, 2023 (GLOBE NEWSWIRE) -- TMC the metals company Inc. (Nasdaq: TMC) (“TMC” or the “Company”), an explorer of lower-impact battery metals from seafloor polymetallic nodules, today provided an update to its previously announced registered direct offering (the “Registered Offering”), which is expected to result in aggregate gross proceeds to the Company of approximately $24.9 million, the majority of which has already been received.
Pursuant to the Registered Offering, TMC agreed to sell and issue common shares of the Company, without par value (the “Common Shares”), and accompanying Class A warrants (the “Class A Warrants”) at an exercise price per share of $3.00. Each Common Share and the accompanying Class A Warrant to purchase 0.5 of a Common Share were sold at a price of $2.00. The approximately $24.9 million of expected gross proceeds to the Company includes the two additional closings for $2.5 million and $6.5 million expected to occur on or before November 30, 2023 and January 31, 2024, respectively, with an investor in the Registered Direct Offering affiliated with the Company, and is before deducting fees payable to the financial advisors and other estimated offering expenses payable by the Company, not including exercise of the Class A Warrants.
In addition to the proceeds from the Registered Offering and cash on hand, TMC has access to a $25 million unsecured credit facility with an affiliate of Allseas Group S.A., as well as a $30 million at-the-market equity program (ATM), both of which remain unused as of today.
The securities in the Registered Offering were offered by TMC pursuant to an effective shelf registration statement that was previously filed with the U.S. Securities and Exchange Commission (“SEC”) on September 16, 2022, as amended, and declared effective by the SEC on October 14, 2022. The Registered Offering was made only by means of a written prospectus and prospectus supplement that form a part of the registration statement. A prospectus supplement dated August 14, 2023 relating to and describing the terms of the offering was filed with the SEC and is available on the SEC’s website at www.sec.gov.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
About The Metals Company
The Metals Company is an explorer of lower-impact battery metals from seafloor polymetallic nodules, on a dual mission: (1) supply metals for the global energy transition with the least possible negative impacts on planet and people and (2) trace, recover and recycle the metals we supply to help create a metal commons that can be used in perpetuity. The Company through its subsidiaries holds exploration and commercial rights to three polymetallic nodule contract areas in the Clarion Clipperton Zone of the Pacific Ocean regulated by the International Seabed Authority and sponsored by the governments of Nauru, Kiribati and the Kingdom of Tonga. More information is available at www.metals.co.
