TMC raises ~$27M in registered direct offering at $2.00/unit with warrants

TMC the metals Co Inc.

Sold 13.46M common shares and Class A warrants to buy 6.73M shares at $2.00/unit; gross proceeds ~$27M.
ERAS Capital (director Andrei Karkar) buys $10M; Allseas Group $7M; CEO, CFO, board also participate.
Additional option: up to $11M if TMC stock ≤$3.00 before Sep 15, 2023.
Initial close Aug 16; two additional closings of $2.5M (Nov 30, 2023) and $6.5M (Jan 31, 2024).
Warrants exercisable at $3.00, expire Dec 31, 2027; redeemable if VWAP > $6.50 for 30 days.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

TMC the metals Co Inc. entered into Purchase Agreement with certain investors (the "Purchasers") valued at approximately $26.9 million (effective 2023-08-14).

Action: entry
Agreement: equity purchase
Counterparty: certain investors (the "Purchasers")
Value: approximately $26.9 million
Effective: 2023-08-14

Exact text from the filing

On August 14, 2023, TMC the metals company Inc. (the “Company”) entered into a securities purchase agreement (the “Purchase Agreement”) with certain investors (the “Purchasers”), pursuant to which the Company agreed to sell and issue, in a registered direct offering (the “Registered Offering”), an aggregate of 13,461,540 common shares (the “Shares”) of the Company, without par value (the “Common Shares”), and accompanying Class A warrants (the “Class A Warrants” and collectively with the Shares, the “Securities”) to purchase an aggregate of 6,730,770 Common Shares. The aggregate gross proceeds to the Company from the Registered Offering are expected to be approximately $26.9 million, before deducting fees payable to the financial advisors and other estimated offering expenses payable by the Company, not including the exercise of the Class A Warrants.

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TMC the metals Co Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-091027

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