TMC wins $37M strategic backing to drive deep-sea mineral development
May 12, 2025
By: Carl Surran,
SA News Editor
MonumentalDoom/iStock via Getty Images
TMC the Metals Company (NASDAQ:TMC) +1.6% in Monday's trading after saying it secured a $37M capital injection through a registered direct offering, positioning it to advance its commercial plans for harvesting polymetallic nodules from international waters.
Under the deal terms, TMC (NASDAQ:TMC) will issue 12.3M common shares at $3.00/share, with each share accompanied by a Class C warrant to purchase one additional share at an exercise price of $4.50/share.
The financing round is anchored by Michael Hess, chief investment officer of Hess Capital, and Brian Paes-Braga, managing partner at SAF Group and head of SAF Growth; an unnamed existing investor in TMC (TMC) also participated in the deal, the company said.
"In recent weeks, both our company and the industry have made major strides," TMC (TMC) Chair and CEO Gerard Barron said, pointing to President Trump's recent executive order to accelerate seabed mining through expedited permitting, evaluation of offtake rights, and potential federal investment.
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