Company: TMCWW
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001104659-25-047372
Chunk: 159

Company: TMC the metals Co Inc.
Filing Date: 2025-05-12
Form: 424B5
Chunk 159
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 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-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$1.931 billion. For most other investors who are not state-owned enterprises
the threshold is currently CAD$1.287 billion for 2023.

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