Korea Zinc invests $85.2M in TMC for about 5%, to study refining nodules in the US

The Metals Company

Korea Zinc agreed to buy 19.6 million TMC shares at $4.34, about 5% of the company, plus warrants for 6.9 million more at $7. The two plan to test refining nodules and explore building refining and battery-precursor capacity in the US, outside Chinese supply chains.

• Investment of $85.2M; pro forma cash rose to nearly $120M.
• Three-year warrant for 6.9 million extra shares at $7.00.
• Korea Zinc will evaluate nodule samples for processing routes.