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TMC Announces Strategic Investment from Korea Zinc — a World-Leader in Non-Ferrous Metal Refining and pCAM Technology — to Advance Development of Deep-Seabed Critical Minerals in the U.S.
Korea Zinc Co., Ltd., (Korea Zinc) will make a strategic equity investment in TMC of $85.2 million in exchange for 19.6 million common shares at the last
About this update from Tmc The Metals Company Inc.
[{"type":"text","content":"Korea Zinc Co., Ltd., (Korea Zinc) will make a strategic equity investment in TMC of $85.2 million in exchange for 19.6 million common shares at the last market closing price of $4.34 per shareInvestment includes a three-year warrant to purchase 6.9 million common shares (0.35 warrant shares for every 1 initial common share) with an exercise price of $7.00 per share, and a participation right to subscribe for future offerings of TMC equity for Korea Zinc to maintain its ownership of common shares, subject to customary exceptionsA world leader in non-ferrous metal refining and precursor Cathode Active Material (pCAM) technology, Korea Zinc is uniquely positioned to use TMC USA’s nodule-derived materials to produce refined metals, copper foil and pCAM in their existing facilities in South Korea and build new facilities in the United StatesUnder an existing LOI with TMC USA, Korea Zinc’s R&D team has received a bulk sample of TMC-supplied nodule material and is currently validating processing and refining pathways and potential synergies through vertical integration NEW YORK, June 16, 2025 (GLOBE NEWSWIRE) -- TMC the metals company Inc. (Nasdaq: TMC) (“TMC” or the “Company”), a leading explorer of the world’s largest undeveloped resource of critical metals essential to energy, defense, manufacturing, and infrastructure, today announced that Korea Zinc, a world leader in non-ferrous metal refining and precursor Cathode Active Material (pCAM) technology, has agreed to make a strategic investment of approximately $85.2 million in the Company through the purchase of common shares and warrants in a private placement. The investment was approved by TMC’s Board of Directors and is expected to close on June 26, 2025, subject to customary closing conditions. Korea Zinc will purchase 19.6 million common shares at the last market closing price of $4.34 per share and will receive a three-year warrant to purchase 6.9 million common shares (0.35 warrant shares for every 1 initial common share for no additional consideration) with an exercise price of $7.00 per share, subject to compulsory exercise provisions should TMC common shares trade above $10.00 for 20 consecutive trading days. Upon closing, Korea Zinc will become one of TMC’s largest strategic shareholders with ownership of approximately 5% of the Company’s outstanding common shares. Kore...