Company: TMCWW
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001104659-25-047372
Chunk: 89

Company: TMC the metals Co Inc.
Filing Date: 2025-05-12
Form: 424B5
Chunk 89
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OWNERSHIP AND EXCHANGE CONTROLS</div>

There is no limitation imposed by Canadian law
or by the notice of articles and articles on the right of a non-resident to hold or vote Common Shares, other than discussed below.

Competition Act

Limitations on the ability to acquire and hold
Common Shares may be imposed by the Competition Act (Canada). This legislation permits the Commissioner of Competition, or the Commissioner,
to review any acquisition or establishment, directly or indirectly, including through the acquisition of shares, of control over or of
a significant interest in us. This legislation grants the Commissioner jurisdiction, for up to one year after the acquisition has been
substantially completed, to challenge this type of acquisition by seeking a remedial order, including an order to prohibit the acquisition
or require divestitures, from the Canadian Competition Tribunal, which may be granted where the Competition Tribunal finds that the acquisition
substantially prevents or lessens, or is likely to substantially prevent or lessen, competition.

This legislation also requires any person or
persons who intend to acquire more than 20% of our voting shares or, if such person or persons already own more than 20% of our voting
shares prior to the acquisition, more than 50% of our voting shares, to file a notification with the Canadian Competition Bureau if certain
financial thresholds are exceeded. Where a notification is required, unless an exemption is available, the legislation prohibits completion
of the acquisition until the expiration of the applicable statutory waiting period, unless the Commissioner either waives or terminates
such waiting period or issues an advance ruling certificate. The Commissioner’s review of a notifiable transaction for substantive
competition law considerations may take longer than the statutory waiting period.

Investment Canada Act

The Investment Canada Act requires each “non
Canadian” (as defined in the Investment Canada Act) who acquires “control” of an existing “Canadian business,”
to file a notification in prescribed form with the responsible federal government department or departments not later than 30 days after
closing, provided the acquisition of control is not a reviewable transaction under the Investment Canada Act. Subject to certain exemptions,
a transaction that is reviewable under the Investment Canada Act may not be implemented until an application for review has been filed
and the responsible Minister of the federal cabinet has determined that the investment is likely to be of “net benefit to Canada”
taking into account certain factors set out in the Investment Canada Act. Under the Investment Canada Act, an investment in Common Shares
by a non