Deep Sea Minerals (CSE: SEAS) is seeking a U.S. exchange listing and proposing a public offering of American depositary shares (ADSs) and accompanying warrants to advance its deep-sea mineral exploration plans.
The company announced Oct. 26 that it had filed a preliminary prospectus supplement for the offering. Each ADS is expected to represent 12 common shares. Final terms remain subject to pricing, and completion depends on market conditions and required approvals.
Deep Sea Minerals intends to use the net proceeds to advance applications for exploration rights in the Clarion-Clipperton Zone (CCZ) of the Pacific Ocean and the Cook Islands’ exclusive economic zone. Funds would also support technical and environmental preparations, contractor readiness, U.S. listing and public company compliance costs, and general working capital.
The proceeds will not be sufficient to fund an offshore work program, the company said. U.S. investment bank Maxim Group is the offering’s sole book-running manager.
Deep Sea Minerals has pursued CCZ exploration rights through the U.S. regulatory system. Other developers, including The Metals Company (Nasdaq: TMC), have also sought U.S. permits for seabed mining. Polymetallic nodules in the CCZ — potato-sized rocks lying on the seabed — contain nickel, copper, cobalt and manganese — metals used in batteries, electrical systems and steelmaking.
American Samoa
Separately, the Trump administration has issued a final leasing notice for a deep-sea mineral lease sale covering two areas totalling about 31.5 million acres off American Samoa. The auction is scheduled for Nov. 19.
Securing a lease would not itself authorize mining. The Marine Minerals Administration says further regulatory approvals would be required before physical exploration, testing or commercial harvesting could begin.
The planned sale has drawn opposition from the Natural Resources Defense Council. American Samoan community leaders and activists have also protested seabed mapping and the broader mining push, citing concerns about potential environmental harm.
The CCZ hosts an estimated 21 billion dry tonnes of polymetallic nodules, according to a 2022 study published in the Journal of Industrial Ecology. That regional estimate describes the nodules present, rather than the quantity of metal that could be economically recovered.
Source: www.northernminer.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.
