TMC the metals company Inc. acquired a 35% stake in Low Carbon Royalties for $14 million.
TMC the metals company Inc. (NasdaqGS:TMC) completed the acquisition of a 35% stake in Low Carbon Royalties for $14 million on February 21, 2023. TMC received net consideration of $14 million as part of the NORI Royalty. On March 21, 2023, Low Carbon Royalties acquired additional gross overriding royalties on natural gas fields in Latin America, the royalty acquisitions were financed through the issuance of Low Carbon Royalties common shares to the third-party vendor of such royalties, thereby reducing TMC's ownership in the Partnership to 32% from 35%.