Battery metals exploration company TMC (NASDAQ:TMC) saw its shares rise as much as 14% in premarket trading following news of an $85.2 million strategic investment from Korea Zinc.
The investment, made through a private placement of common stock and warrants, grants Korea Zinc a 5% equity stake in TMC. Under the terms of the agreement, Korea Zinc acquired 19.6 million common shares at $4.34 each—matching TMC’s last closing price.
In addition to the equity purchase, Korea Zinc secured a three-year warrant to buy another 6.9 million common shares at an exercise price of $7 per share. The deal also provides Korea Zinc with participation rights in future TMC equity offerings, ensuring it can maintain its ownership percentage.
This funding represents a significant financial boost for TMC as it advances its efforts in exploring and developing battery metal resources.