The Metals Company (NASDAQ: TMC) has announced a US$37M strategic investment aimed at accelerating the development of its deep-sea polymetallic nodule project.
The funding will support the company’s continued engineering, environmental, and permitting efforts for the NORI-D area in the Clarion-Clipperton Zone of the Pacific Ocean.
This financing includes a US$27M registered direct offering and a US$10M private placement with key stakeholders, providing essential capital to advance the next phase of the project. These proceeds are expected to fund operations through the third quarter of 2024.
Gerard Barron, Chairman and CEO of The Metals Company, commented, “This investment provides important validation of our strategy to deliver critical minerals in a more sustainable way. With continued momentum and strong support from stakeholders, we’re one step closer to responsibly unlocking the potential of deep-sea nodules.”
As countries and industries seek secure and low-impact sources of critical minerals, The Metals Company’s project represents a significant opportunity to meet rising demand for battery metals, including nickel, cobalt, copper, and manganese.
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