Company: TMCWW
Filing Date: 2025-04-18
Form Type: DEF 14A
Source: 0001104659-25-036264
Chunk: 66

Company: TMC the metals Co Inc.
Filing Date: 2025-04-18
Form: DEF 14A
Chunk 66
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 non-binding term sheet, or that if such definitive agreements are entered into by us that the proposed commercial systems and second production vessel will be successfully developed or operated in a particular time period, or at all. On March 22, 2023, we entered into a Credit Facility with Argentum Credit Virtuti GCV, the parent of Allseas Investments S.A. and an affiliate of Allseas (the “Lender”) (the “2023 Credit Facility”), pursuant to which we may borrow from the Lender up to $25,000,000 in the aggregate, from time to time, subject to certain conditions set forth in the 2023 Credit Facility. All amounts drawn under the 2023 Credit Facility will bear interest at the 6-month Secured Overnight Funding Rate (SOFR), 180-day average plus 4.0% per annum payable in cash semi-annually (or plus 5% if paid-in-kind at maturity, at our election) on the first business day of each of June and January. We will pay an underutilization fee equal to 4.0% per annum payable semi-annually for any amounts that remain undrawn under the 2023 Credit Facility. We have the right to pre-pay the entire amount outstanding under the 2023 Credit Facility at any time, before the Credit Facility’s maturity. The 2023 Credit Facility also contains customary events of default. On July 31, 2023, the Company entered into the First Amendment to the 2023 Credit Facility to extend same to November 30, 2024. The 2023 Credit Facility was then further amended on March 22, 2024 pursuant to the Second Amendment to the 2023 Credit Facility to further extend the same to August 31, 2025 and to provide that the underutilization fee thereunder shall cease to be payable after the date on which we or the lender gives notice of termination of the agreement. On August 16, 2024, the Company entered into the Third Amendment to the 2023 Credit Facility, to increase the borrowing limit of the 2023 Credit Facility to $27.5 million. On November 14, 2024, as a result of the 2024 registered direct offering the borrowing limit of the 2023 Credit Facility was returned to $25 million. Pursuant to the Letter Agreement entered into on March 24, 2025, discussed below, we agreed to cancel the 2023 Credit