Company: TMCWW
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001104659-25-047372
Chunk: 90

Company: TMC the metals Co Inc.
Filing Date: 2025-05-12
Form: 424B5
Chunk 90
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-Canadian who is an investor originating from a country with which Canada has a free trade agreement, including a United States
investor, and is not a state-owned enterprise, would be reviewable only if it were an investment to acquire control of us pursuant to
the Investment Canada Act and our enterprise value (as determined pursuant to the Investment Canada Act and its regulations) was equal
to or greater than the amount specified, which is currently CAD$1.711 billion. For most other investors who are not state-owned enterprises
the threshold is currently CAD$1.141 billion for 2022.

The Investment Canada Act contains various rules to
determine if there has been an acquisition of control. Generally, for purposes of determining whether an investor has acquired control
of a corporation by acquiring shares, the following general rules apply, subject to certain exceptions: the acquisition of a majority
of the undivided ownership interests in the voting shares of the corporation is deemed to be acquisition of control of that corporation;
the acquisition of less than a majority, but one-third or more, of the voting shares of a corporation or of an equivalent undivided ownership
interest in the voting shares of the corporation is presumed to be acquisition of control of that corporation unless it can be established
that, on the acquisition, the corporation is not controlled in fact by the acquirer through the ownership of voting shares; and the acquisition
of less than one-third (1/3) of the voting shares of a corporation or of an equivalent undivided ownership interest in the voting shares
of the corporation is deemed not to be acquisition of control of that corporation.

Under the national-security-review regime in
the Investment Canada Act, review on a discretionary basis may also be undertaken by the federal government in respect to a much broader
range of investments by a non-Canadian to “acquire, in whole or part, or to establish an entity carrying on all or any part of
its operations in Canada.” No financial threshold applies to a national-security review. The relevant test is whether such investment
by a non-Canadian could be “injurious to national security.” The responsible ministers have broad discretion to determine
whether an investor is a non-Canadian and therefore subject to national-security review. Review on national-security grounds is at the
discretion of the responsible ministers, and may occur on a pre- or post-closing basis.

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Certain transactions relating to Common Shares
will generally be exempt from the Investment Canada Act