Company: TMCWW
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001104659-25-047372
Chunk: 148

Company: TMC the metals Co Inc.
Filing Date: 2025-05-12
Form: 424B5
Chunk 148
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 of the
private placement warrants, and they are not redeemable by us, except as described above when the prices per share of Common Shares equals
or exceeds $10.00, so long as they are held by SOAC or its permitted transferees. SOAC, or its permitted transferees, has the option to
exercise the private placement warrants on a cashless basis. Except as described below, the private placement warrants have terms and
provisions that are identical to those of the public warrants. If the private placement warrants are held by holders other than SOAC or
its permitted transferees, the private placement warrants will be redeemable by us and exercisable by the holders on the same basis as
the public warrants.

Except as described above
regarding redemption procedures and cashless exercise in respect of the public warrants, if holders of the private placement warrants
elect to exercise them on a cashless basis, they would pay the exercise price by surrendering his, her or its warrants for that number
of Common Shares equal to the quotient obtained by dividing (x) the product of the number of Common Shares underlying the warrants,
multiplied by the excess of the “fair market value” (defined below) over the exercise price of the warrants by (y) the
fair market value. The “fair market value” shall mean the average reported closing price of the Common Shares for the ten
(10) trading days ending on the third trading day prior to the date on which the notice of warrant exercise is sent to the warrant
agent.

Class A Warrants

As part of the August 14, 2023 registered
direct offering of common shares and accompanying Class A warrants to purchase common shares at a purchase price of $2.00 per common
share and accompanying half of a Class A warrant to purchase one common share, as of November 28, 2023, we have issued
Class A warrants to purchase 3,980,770 common shares and expect to issue additional Class A warrants to purchase 2,250,000
common shares on or before January 31, 2024.

Exercisability

The Class A warrants are exercisable at any
time on or after the issuance date. The Class A warrants will be exercisable, at the option of each holder, in whole or in part by
delivering to us a duly executed exercise notice and, at any time a registration statement registering the issuance of the common shares
underlying the Class A warrants under the