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Investing.com -- TMC shares rose as much as 14% in premarket trading after the company secured an $85.2 million investment from Korea Zinc through a private placement of common shares and warrants.
The strategic equity investment gives Korea Zinc a 5% ownership stake in TMC. The deal includes 19.6 million common shares priced at $4.34 per share, which matched TMC’s last market closing price.
As part of the agreement, Korea Zinc will receive a three-year warrant to purchase an additional 6.9 million common shares at an exercise price of $7 per share. The deal also includes a participation right that allows Korea Zinc to subscribe for future offerings of TMC equity to maintain its ownership percentage of common shares.
The investment marks a significant capital infusion for TMC as the company continues its battery metals exploration activities.
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