Critical metals explorer the Metals Company (TMC) has announced a $37m (C$51.75m) registered direct offering through a securities purchase agreement with Michael Hess and his associated private investment vehicles.
The company will issue 12.3 million common shares at $3 each, accompanied by Class C warrants.
The Class C warrants, priced at $4.50 per share, have a three-year term and a compulsory exercise clause trigger if TMC’s stock exceeds $7 per share for 20 consecutive trading days.
The offering, which is expected to close around 22 May 2025, is subject to standard closing conditions.
The offering has also attracted significant interest from Brian Paes-Braga, managing partner at SAF Group. An existing strategic investor in TMC is also contributing to the offering.
In April this year, President Trump signed an executive order to expedite the exploration and development of seabed minerals.
The financing will be used to advance the company’s deep-sea commercial development plans for critical metals essential to various industries, and for general corporate purposes.
The company applied for a commercial recovery permit and two exploration licences under the US seabed mining code last month.
These funds are expected to sustain TMC’s operations until the potential issuance of a commercial recovery permit.
TMC chairman and CEO Gerard Barron said: “In recent weeks, both our company and the industry have made major strides. On 24 April, President Trump issued an executive order to accelerate seabed mining through expedited permitting, evaluation of offtake rights and potential federal investment.
“Just days later, TMC submitted the world’s first commercial recovery application for nodules in international waters – more than two months ahead of schedule. We are thrilled to welcome Michael Hess as a strategic partner. He brings over 15 years of exploration and production experience, as both an investor and operator, along with deep relationships across the US.”
