Business
The Metals Company Announces ~US$27 Million Registered Direct Offering at $2.00 Per Share Plus Class A Warrants
NEW YORK, Aug. 14, 2023 (GLOBE NEWSWIRE) -- TMC the metals company Inc. (Nasdaq: TMC) (“TMC” or the “Company”), an explorer of lower-impact battery metals
About this update from Tmc The Metals Company Inc.
[{"type":"text","content":"NEW YORK, Aug. 14, 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 announced that it has entered into a securities purchase agreement with certain investors for the purchase of 13,461,540 common shares of the Company (the “Shares”), without par value (“Common Shares”), and accompanying Class A warrants (the “Class A Warrants” and collectively with the Shares and Class A Warrants, the “Securities”) to purchase up to 6,730,770 Common Shares in a registered direct offering. Each Common Share and the accompanying Class A Warrant to purchase 0.5 Common Shares are being sold at a price of US$2.00. The Class A Warrants have an initial exercise price of US$3.00 per share, subject to certain adjustments therein, are exercisable immediately upon issuance and will expire on December 31, 2027. Gross proceeds to the Company from the offering are expected to be approximately US$27 million, before deducting the financial advisors’ fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from the offering on working capital and general corporate purposes. In addition, certain investors may purchase up to an aggregate of 5,500,000 additional Shares and accompanying Class A Warrants to purchase up to an aggregate of 2,750,000 additional Common Shares upon notice to the Company on or before September 15, 2023 if the closing price of the Common Shares on the trading day before such investor’s notice is $3.00 or less for an aggregate of up to an additional $11 million. ERAS Capital LLC, the family fund of the Company’s director, Andrei Karkar, and existing shareholder, agreed to purchase 5,000,000 Common Shares and accompanying Class A Warrants to purchase 2,500,000 Common Shares for a total purchase price of US$10 million. In addition, Allseas Group S.A., a strategic partner of the Company and existing shareholder, agreed to purchase 3,500,000 Common Shares and accompanying Class A Warrants to purchase 1,750,000 Common Shares for a total purchase price of US$7 million. The Company’s Chief Executive Officer and Chairman, Gerard Barron, the Company’s Chief Financial Officer, Craig Shesky, and other members of the Company’s board of directors also agreed to purchase Securities in ...