Company: TMCWW
Filing Date: 2025-05-21
Form Type: DEFA14A
Source: 0001104659-25-051682
Chunk: 2

Company: TMC the metals Co Inc.
Filing Date: 2025-05-21
Form: DEFA14A
Chunk 2
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 warrant agreement. First Manhattan Co. LLC purchased 10,000,000 of our common
shares and accompanying Class B warrants to purchase 5,000,000 common shares in this registered direct offering for a total purchase
price of approximately $10 million.

This information supplements
and adds to the information set forth under “Security Ownership of Certain Beneficial Owners and Management” and “Certain
Relationships and Related Person Transactions” in the Proxy Statement.

2025 Registered Direct Offering

As we previously disclosed,
on May 12, 2025, we entered into a securities purchase agreement with certain investors, pursuant to which we agreed to sell and
issue, in a registered direct offering, 12,333,333 of our common shares and Class C warrants to purchase 12,333,333 of our common
shares at a price per common share and accompanying Class C warrant to purchase one common share of $3.00. The exercise price of
the Class C warrants is $4.50 per share, subject to adjustment as provided in the warrant agreement. Allseas Group, S.A. (“Allseas”)
agreed to purchase 2,333,333 of our common shares and accompanying Class C warrants to purchase 2,333,333 common shares for a total
purchase price of approximately $7 million. The closing of this offering is expected to occur on or about May 22, 2025, subject to
the satisfaction of customary closing conditions. This information supplements and adds to the information about Allseas set forth under
“Security Ownership of Certain Beneficial Owners and Management” and “Certain Relationships and Related Person Transactions”
in the Proxy Statement.

Shares Available for Issuance under the TMC 2021 Equity Incentive Plan

The TMC Incentive Equity
Plan provides for the issuance of up to an aggregate of 70,262,856 common shares, which number includes 13,628,338 shares added to
the plan in January 2025 pursuant to the plan’s evergreen provision, provided that 2,243,853 of the common shares
available under such plan will only be available to our non-employee directors. As of April 3, 2025, there were 37,921,412
common shares underlying outstanding restricted stock units, 5,190,000 common shares underlying outstanding options, and 453,961
common shares remained available for the grant of future awards under this plan. This information updates the
information set forth