Company: TMCWW
Filing Date: 2025-04-08
Form Type: PRE 14A
Source: 0001104659-25-032724
Chunk: 65

Company: TMC the metals Co Inc.
Filing Date: 2025-04-08
Form: PRE 14A
Chunk 65
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 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 Facility with no outstanding amounts remaining, other than our obligation to pay Argentum Credit Virtuti GCV the underutilization fee thereunder.

On May 27, 2024, we entered into a short-term loan agreement with Argentum Credit Virtuti GCV whereby we borrowed $2 million (the “Loan”) on May 30, 2024. The Loan matured on September 10, 2024 (maturity date) and accrued interest at a rate of 8% per annum. On the maturity date, we repaid the entire Loan amounting to $2 million and the accrued interest.

On September 9, 2024, we entered into a working capital loan agreement (the “Working Capital Loan Agreement”) with Allseas Investments SA (the “Allseas Investments”), a company related to Allseas. In accordance with the Working Capital Loan Agreement, Allseas Investments provided a loan to us amounting to $5 million (the “Working Capital Loan”) on September 10, 2024, to be used