secwatch.observer — SEC 8-K summary
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Issuer:     TMC the metals Co Inc. (TMC)
CIK:        0001798562
Form:       8-K
Filed at:   2023-02-22T23:59:59+00:00
Accession:  0001104659-23-024088
Event type: other_material
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

TMC forms strategic partnership with Low Carbon Royalties, receives 35% stake and $5M cash for NORI royalty
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- TMC contributed a 2% gross overriding royalty on its NORI project to Low Carbon Royalties in exchange for a 35% equity interest and $5M cash.
- TMC can repurchase up to 75% of the royalty at a capped return between years 2 and 10; if fully repurchased, royalty reduces to 0.5%.
- TMC CEO Gerard Barron joins LCR board; LCR also holds a 1.6% royalty on a producing natural gas field in Latin America.
- The partnership provides non-dilutive funding for TMC's NORI-D project development without issuing new equity.
- LCR is led by Brian Paes-Braga, Managing Partner of SAF Group, and aims to finance low-carbon energy and transition metals.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1798562/000110465923024088/0001104659-23-024088-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1798562/000110465923024088/tm237472d2_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-024088

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer