Metals Company announces $17.5M registered direct offering

TMC the metals company (TMC) announced that it has entered into a securities purchase agreement with certain new and existing institutional investors for the purchase of an aggregate of 17.5M common shares of the company and accompanying Class B warrants to purchase up to an aggregate of 8.75M common shares in a registered direct offering. Each common share and the accompanying Class B warrant to purchase 0.5 common shares are being sold at a price of $1.00. Gross proceeds to the company from the offering are expected to be approximately $17.5M, before deducting the financial advisors’ fees and other offering expenses payable by the company and not including any proceeds to the company from the exercise of the Class B Warrants. The closing of the offering is expected to take place on or before November 22. The Company intends to use the net proceeds from the offering on working capital and general corporate purposes. A.G.P./Alliance Global Partners acted as a placement agent in the offering, and Cantor Fitzgerald & Co. and EAS Advisors, through Odeon Capital Group, are engaged as financial advisors by the company.