Company: TMCWW
Filing Date: 2025-06-16
Form Type: 8-K
Source: 0001104659-25-059701
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Company: TMC the metals Co Inc.
Filing Date: 2025-06-16
Form: 8-K
Item: Item 1.01
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Item 1.01.      Entry into a Material Definitive Agreement.  

On June 16, 2025, TMC
the metals company Inc. (the “ Company”) entered into a Securities Purchase Agreement (the “ Purchase Agreement”)
with Korea Zinc Company, Ltd. (the “ Purchaser”), pursuant to which the Company agreed to issue and sell to the Purchaser
19,623,376 common shares of the Company (the “ Shares”) and an accompanying warrant (the “ Warrant”) to purchase
up to an aggregate of 6,868,181 common shares (the “ Warrant Shares”), at a purchase price of US$4.34 per Share and accompanying
Warrant, for aggregate gross proceeds of approximately $85.2 million.

The Warrant is exercisable immediately, will have a term of three years from the date of issuance, and an initial exercise price of $7.00
per share, subject to compulsory exercise provisions should the Common Shares trade above $10.00 for 20 consecutive trading days.

Pursuant to the Purchase Agreement,
subject to certain exceptions, the Purchaser will have a right to participate in any public offering or private placement of any common
shares or common share equivalents of the Company primarily for capital raising purposes (each a “ Proposed Offering”) up to
such amount of securities to maintain its percentage ownership in the Company at the time of such Proposed Offering. Such right to participate
in future financings will expire upon the earlier to occur of (i) June 16, 2030, (ii) the date on which the Purchaser owns
less than all of the Shares it purchased and subscribed pursuant to the Purchase Agreement and (iii) immediately after a closing
of a Proposed Offering where the Purchaser does not exercise its participation right in full. Additionally, the Purchase Agreement provides
that a representative of the Purchaser may serve as a non-voting observer to the Company’s board of directors, which representative
may have access to certain information and attend and provide input at meetings of the Company’s board of directors, subject to
certain limitations.

The Purchaser is currently
evaluating a bulk sample of nodule material supplied by the Company’s wholly-owned subsidiary, The Metals Company USA,
LLC (TMC USA), under an existing memorandum of understanding, with its research and development team to validate intermediate processing
and refining pathways and potential synergies through vertical integration. The Purchaser has expressed interest in working with TMC USA
to