The Metals Company Ekes up on Offering News

TMC the metals company Inc. (NASDAQ: TMC) saw its shares just clear breakeven Thursday. The company, an explorer of lower-impact battery metals from seafloor polymetallic nodules, today provided an update to its previously announced registered direct offering. which is expected to result in aggregate gross proceeds to the Company of approximately $24.9 million, the majority of which has already been received.

Pursuant to the Registered Offering, TMC agreed to sell and issue common shares of the Company, without par value, and accompanying Class A warrants at an exercise price per share of $3.00. Each Common Share and the accompanying Class A Warrant to purchase 0.5 of a Common Share were sold at a price of $2.00. The approximately $24.9 million of expected gross proceeds to the Company includes the two additional closings for $2.5 million and $6.5 million expected to occur on or before November 30, 2023 and January 31, 2024, respectively, with an investor in the Registered Direct Offering affiliated with the Company, and is before deducting fees payable to the financial advisors and other estimated offering expenses payable by the Company, not including exercise of the Class A Warrants.

In addition to the proceeds from the Registered Offering and cash on hand, TMC has access to a $25 million unsecured credit facility with an affiliate of Allseas Group S.A., as well as a $30 million at-the-market equity program (ATM), both of which remain unused as of today.

TMC began trading Thursday pick up 0.2% to 86.6 cents.

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