08:55 AM EDT, 06/16/2025 (MT Newswires) -- TMC (TMC) said Monday that Korea Zinc has agreed to invest about $85.2 million in the company through the purchase of shares and warrants in a private placement.

Under the deal, Korea Zinc will purchase 19.6 million shares at $4.34 per share and will receive a three-year warrant to purchase 6.9 million common shares with an exercise price of $7.00, the company said.

The investment has been approved by TMC's board and is expected to close on June 26, the company said.

Upon closing, Korea Zinc will own about 5% of TMC's outstanding shares, the company said.

TMC shares were more than 6% higher in premarket trading.