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The Metals Company to Trade on Nasdaq in Bid to Develop Planet’s Largest Estimated Resource of Battery Metals
NEW YORK / Sep 09, 2021 / Business Wire / DeepGreen Metals, Inc., an explorer of lower-impact battery metals from seafloor polymetallic nodules, and Sustainable
About this update from Tmc The Metals Company Inc.
[{"type":"text","content":"NEW YORK / Sep 09, 2021 / Business Wire / DeepGreen Metals, Inc., an explorer of lower-impact battery metals from seafloor polymetallic nodules, and Sustainable Opportunities Acquisition Corporation (SOAC), a special purpose acquisition company with a dedicated ESG focus, announced today that they completed their previously announced business combination to create TMC the metals company Inc. (“The Metals Company” or “TMC”). SOAC shareholders approved the transaction at an extraordinary general meeting held on September 3, 2021 and the transaction was completed on September 9, 2021. The combined company will operate as The Metals Company and its common shares and warrants will begin trading on the Nasdaq Global Select Market under the new ticker symbols “TMC” and “TMCWW”, respectively, on September 10, 2021. Gerard Barron, Chairman and CEO of The Metals Company, said: “Public listing and access to public capital markets is an important milestone in our mission to solve the raw materials challenges of the clean energy transition. I want to give a heartfelt welcome to our new investors who participated in this transaction and thank our existing partners and investors who continue to support our important mission and our evolution from DeepGreen to The Metals Company.” “If you read the latest reports from the Intergovernmental Panel on Climate Change and the International Energy Agency, it’s clear that the transition to clean energy simply cannot happen at scale and on the schedule needed to keep global warming at bay without urgent, large-scale investment in the upstream production of critical metals. We believe we have a solution that is more scalable, secure, lower cost and lower impact than mining these minerals on land: We can produce battery metals from high-grade polymetallic nodules found on the seafloor in the international waters of the Clarion-Clipperton Zone. The transaction with SOAC provides us with the funding to move the project through the prefeasibility phase. With these funds, we expect to be able to complete pilot nodule collection trials in 2022, complete our environmental impact studies by 2023, and lodge our application to move from exploration phase to exploitation phase in the third quarter of 2023. SOAC’s support of our mission has been instrumental, and we look forward to our ongoing partnership with their...