DeepGreen Metals Inc., a developer of lower-impact battery metals from unattached seafloor polymetallic nodules (earlier post), has entered into a definitive business combination agreement with Sustainable Opportunities Acquisition Corporation, a special purpose acquisition company (SPAC) with a dedicated ESG focus and deep operational and capital market capabilities in the energy and resource sectors.
The transaction represents a pro forma equity value of US$2.9 billion (assuming no redemptions) for the combined company, which will be renamed “TMC the metals company Inc.” and operate as The Metals Company upon closing.
DeepGreen is developing a new, scalable source of EV battery metals in the form of polymetallic nodules found unattached on the seafloor in the Pacific Ocean. The estimated resource on the seafloor in the exploration contract areas held by the company’s subsidiaries is sufficient for 280 million EVs—a quarter of the global passenger car fleet.
DeepGreen Securityholders Approve Business Combination with Sustainable Opportunities Acquisition Corp. Transaction Expected to Close in the Third Quarter of 2021
June 28, 2021 02:03 PM Eastern Daylight Time VANCOUVER, British Columbia--(BUSINESS WIRE)--DeepGreen Metals Inc. (“DeepGreen”) today announced that DeepGreen’s securityholders passed a special resolution approving the Plan of Arrangement related to the previously-announced business combination (the “business combination”) with Sustainable Opportunities Acquisition Corp. (“SOAC”). At the DeepGreen securityholders meeting, held on June 22, 2021, the special resolution approving the Plan of Arrangement was unanimously approved, with 90.4% of the outstanding shares and 98.7% of the outstanding options represented in person or by proxy. No DeepGreen securityholders voted against the resolutions.
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