Nasdaq-listed The Metals Company (TMC) has secured a $37-million capital injection through a registered direct offering, positioning the company to advance its commercial plans for harvesting polymetallic nodules from international waters.
The financing round is anchored by Michael Hess, chief investment officer of Hess Capital, and BrianPaes–Braga, managing partner at SAF Group and head of SAF Growth. An existing strategic investor in TMC also participated in the deal.
Under the terms of the agreement, TMC will issue 12.3-million common shares at $3.00 apiece, each paired with a Class C warrant exercisable at $4.50. The warrants, which have a three-year term, include a mandatory exercise clause if the stock trades above $7.00 for 20 consecutive days. The offering is expected to close on or around May 22, subject to customary closing conditions.
TMC said proceeds would be used to fund operations through the potential issuance of a commercial recovery permit, supporting its ambitions to unlock critical mineral supply chains from the ocean floor.
“In recent weeks, both our company and the industry have made major strides,” said TMC chairperson and CEO GerardBarron.
“On April 24, President Trump issued an executive order to accelerate seabed mining through expedited permitting, evaluation of offtake rights, and potential federal investment. Just days later, TMC submitted the world’s first commercial recovery application for nodules in international waters—more than two months ahead of schedule. We’re thrilled to welcome Michael Hess as a strategic partner. He brings over 15 years of exploration and production experience, as both an investor and operator, along with deep relationships across the US.”
The investor group, which TMC described as bringing decades of experience in large-scale resource development, sees the company as a potential linchpin in the reshaping of mineral independence strategies, particularly in the US.
“Brian Paes-Braga and I have been evaluating opportunities in critical minerals for some time, specifically looking for opportunities that will advance America’s mineral independence,” Hess said. “We believe TMC is a unique company with the potential to play a key role in that effort. It is exciting to support the emergence of an entirely new resource category of ocean minerals and to help accelerate its development in service of the national interest.”