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By Chris Wack
TMC the metals company has entered into a securities purchase agreement with certain investors for the purchase of 13.5 million shares and accompanying class A warrants to buy up to 6.7 million shares in a registered direct offering.
Each share and the accompanying class A warrant to buy 0.5 shares are being sold at a price of $2.
The class A warrants have an initial exercise price of $3 a share, are exercisable immediately upon issuance and will expire on Dec. 31, 2027.
Proceeds to the company from the offering are expected to be $27 million. TMC intends to use the proceeds for working capital and general corporate purposes.
TMC shares were up 10% to $1.20 in premarket trading.
Write to Chris Wack at [email protected]
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