Maersk and Glencore backed DeepGreen to go public at US $2.2B valuation
DeepGreen Metals Inc., a developer of lower-impact battery metals from unattached seafloor polymetallic nodules, has entered into a definitive business combination agreement with Sustainable Opportunities Acquisition Corporation (NYSE: SOAC), a special purpose acquisition company (SPAC), as SOAC’s qualifying acquisition and DeepGreen’s going public transaction.
Pursuant to the agreement, SOAC will migrate to and be
continued as a company in British Columbia. SOAC will acquire all of the issued
and outstanding shares in the capital of DeepGreen in exchange for SOAC common
shares. DeepGreen will become a wholly-owned subsidiary of SOAC. SOAC will
change its name to The Metals Company and its stock is expected to be listed
under the ticker TMC.
The transaction is expected to close in Q2 2021.
The transaction reflects a pro forma equity value for TMC of
approximately US $2.9 billion (assuming no redemptions), includes an upsized US
$330 million fully committed common stock Private Investment in Public Equity
(PIPE) at US $10.00 per share anchored by an international consortium of
strategic and institutional investors including Allseas.
DeepGreen Metals is being valued at US $2.2 billion and its
shareholders will collectively own 76% of TMC pro forma ownership. SOAC
shareholders and founders will own 12% while the PIPE investors will own 11%.
Gerard Barron, DeepGreen Chairman and CEO, will continue to
lead TMC. Scott Leonard, CEO of SOAC, will join the board of TMC.
Founded in 2009, DeepGreen Metals is a Canadian developer of
lower-impact battery metals from seafloor polymetallic nodules, on a dual
mission: supply metals for the clean energy transition with the least possible
negative environmental and social impact and accelerate the transition to a
circular metal economy.
DeepGreen Metals is backed by Maersk Supply Service and
Glencore which have collectively invested over $76 million in the company.
Since 2017, DeepGreen has raised over $127 million from Maersk, Glencore, US
family offices and a group of Canadian and international investors.
Comments
Post a Comment