Company: TMCWW
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001104659-25-047372
Chunk: 81

Company: TMC the metals Co Inc.
Filing Date: 2025-05-12
Form: 424B5
Chunk 81
---
 basis, they would pay the exercise price by surrendering his, her or its warrants for that number
of Common Shares equal to the quotient obtained by dividing (x) the product of the number of Common Shares underlying the warrants,
multiplied by the excess of the “fair market value” (defined below) over the exercise price of the warrants by (y) the
fair market value. The “fair market value” shall mean the average reported closing price of the Common Shares for the ten
(10) trading days ending on the third trading day prior to the date on which the notice of warrant exercise is sent to the
warrant agent.

Allseas Warrant

On March 4, 2021,
DeepGreen issued a warrant to Allseas Group S.A., or the Allseas Warrant, which shall vest upon successful completion of a prescribed
project, referred to as the PMTS, and become exercisable for a maximum of 11,578,620 Common Shares (as it may be adjusted based on the
formula described therein) at a purchase price of $0.01 per share. A maximum of 11.6 million warrants to purchase common shares will
vest if the PMTS is completed by September 30, 2023, gradually decreasing to 5.8 million warrants to purchase Common Shares if PMTS
is completed after September 30, 2025. The Allseas Warrant shall vest only upon (and not before) the successful completion
of PMTS and will expire on September 30, 2026.

<div align='center'>30

DESCRIPTION OF UNITS</div>

The following description,
together with the additional information we may include in any applicable prospectus supplements, summarizes the material terms and provisions
of the units that we may offer under this prospectus. While the terms summarized below will apply generally to any units that we may
offer, we will describe the particular terms of any series of units in more detail in the applicable prospectus supplement. If we indicate
in the prospectus supplement, the terms of any units offered under that prospectus supplement may differ from the terms described below.
Specific unit agreements will contain additional important terms and provisions and will be incorporated by reference as an exhibit to
the registration statement that includes this prospectus.

General

We may issue units consisting
of debt securities, common shares, preferred shares, or warrants, for the purchase of common shares and/or preferred shares in one or
more series, in any combination