Key Highlights
- Deep Sea Minerals filed a preliminary prospectus supplement for a proposed U.S. public offering.
- The deal would include American depositary shares representing 12 common shares each, plus warrants.
- Net proceeds are intended for permitting and readiness work, but not offshore work programs.
Deep Sea Minerals Corp. (CSE: SEAS) (OTCQB: DSEAF) (FSE: X450) has filed a preliminary prospectus supplement for a proposed public offering outside Canada, as it pursues a listing of American depositary shares on a U.S. national securities exchange.
The company said the offering would consist of common shares represented by American depositary shares (ADSs) and warrants exercisable for ADSs. Each ADS offered is expected to represent 12 common shares of Deep Sea Minerals.
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Maxim Group LLC is acting as sole book-running manager for the offering. Deep Sea Minerals also expects to grant the underwriter a 45-day option to buy up to an additional 15% of the number of ADSs and/or ADS warrants offered.
Deep Sea Minerals said the offering is expected to be priced in the context of the market, with final terms to be set at pricing. The company cautioned there is no assurance the offering will be completed, or what its final size or terms will be. Closing is subject to customary conditions, including any required approvals from the Canadian Securities Exchange and the U.S. exchange where the ADSs are proposed to be listed.
According to the release, the company intends to use net proceeds to advance applications for subsea mineral exploration rights in the Clarion-Clipperton Fracture Zone under the U.S. Deep Seabed Hard Mineral Resources Act of 1980 regime and in the Cook Islands Exclusive Economic Zones, as well as for pre-offshore technical, environmental and contractor readiness workstreams, U.S. listing and public company compliance costs, and general working capital. It added that the net proceeds will not be sufficient to fund any offshore work program.
The company said the offering will not include sales to Canadian purchasers. It also noted that the offering is being made under an effective shelf registration statement on Form F-10 that became effective with the U.S. Securities and Exchange Commission on July 31, 2026.
The original press release is available on stockhouse.com
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