TMC raises ~$27M at $2.00/share (82% premium); reports Q2 net loss $14.1M; targets Q4 2025 commercial production

TMC the metals Co Inc.

Registered direct offering expected gross proceeds ~$27M from existing investors at $2.00/share, 82% premium to Aug 11 close; may upsize to $38M.
Q2 2023 net loss $14.1M ($0.05/share) vs $12.4M loss prior year; cash $20.0M, no debt.
NORI plans to submit exploitation contract application after July 2024 ISA meeting; targets commercial production Q4 2025.
Production capacity target increased 130% to 3.0M wet tonnes per annum using Hidden Gem vessel.
Participation by largest shareholder ERAS Capital, Allseas, and insiders; warrants at $3.00 strike with call provision at $6.50 VWAP.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

TMC the metals Co Inc. reported the second quarter ended June 30, 2023 results: net income Net loss of $14.1 million, EPS $0.05 per share.

Period: the second quarter ended June 30, 2023
Net income: Net loss of $14.1 million
EPS: $0.05 per share
Result: reported results

Exact text from the filing

Net loss of $14.1 million and per share amount of $0.05 for the quarter ended June 30, 2023

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TMC the metals Co Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-091388

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