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Common Shares
 12 Months Ended
Dec. 31, 2024
Common Shares  
Common Shares

16.Common Shares

Authorized and Issued

As at December 31, 2024, the authorized, issued and outstanding common shares and Special Shares of the Company are as follows:

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Issued and

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Authorized

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Outstanding

Common shares

 

Unlimited, with no par value

 

340,708,460

Class A Special Shares

 

5,000,000, with no par value

 

4,448,259

Class B Special Shares

 

10,000,000, with no par value

 

8,896,399

Class C Special Shares

 

10,000,000, with no par value

 

8,896,399

Class D Special Shares

 

20,000,000, with no par value

 

17,792,922

Class E Special Shares

 

20,000,000, with no par value

 

17,792,922

Class F Special Shares

 

20,000,000, with no par value

 

17,792,922

Class G Special Shares

 

25,000,000, with no par value

 

22,241,179

Class H Special Shares

 

25,000,000, with no par value

 

22,241,179

Class I Special Shares

 

500,000, with no par value

 

500,000

Class J Special Shares

 

741,000, with no par value

 

741,000

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The holders of the Company’s common shares are entitled to one vote for each common share held.

Each class of Special Shares do not have voting rights and do not participate in earnings. The Special Shares automatically convert to TMC common shares if TMC common shares trade at a price on any 20 trading days within any 30-trading day period that is greater than or equal to the specific trigger price for the respective class of Special Share.

Below is a summary of the Special Shares and their respective vesting thresholds, assuming the full number of Special Shares from Rollover Options are issued:

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Special Share Class

A

B

C

D

E

F

G

H

I

J

Share Trigger price ($)

15

25

35

50

75

100

150

200

50

12

Special Shares (million)

5

10

10

20

20

20

25

25

0.5

0.7

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As the Special Shares meet the indexation and equity classification criteria under ASC 815-40, the Special Shares have been classified as equity instruments at issuance.

Common Share Continuity

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Common shares

    

Number

    

Amount

December 31, 2022

 

266,812,131

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$

332,882

Issuance of shares under 2023 Registered Direct Offering (Note 13)

 

7,961,540

​

​

11,420

Exercise of warrant by Allseas

 

11,578,620

​

​

70,016

Shares issued to Allseas

 

15,000,000

​

​

15,910

Exercise of stock options (Note 17)

 

120,000

​

​

144

Conversion of restricted share units (Note 17)

​

4,912,747

​

​

7,720

Share purchase under Employee Stock Purchase Plan (Note 17)

 

173,672

​

​

147

December 31, 2023

 

306,558,710

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$

438,239

Issuance of shares under 2023 Registered Direct Offering (Note 13)

 

4,500,000

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​

7,447

Issuance of shares under 2024 Registered Direct Offering (Note 13)

​

14,900,000

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​

9,743

Shares issued as per At-the Market Equity Distribution Agreement (Note 14)

​

3,251,588

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​

4,866

Conversion of restricted share units (Note 17)

​

10,734,581

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​

14,954

Exercise of stock options (Note 17)

​

715,772

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​

1,891

Share purchase under Employee Stock Purchase Plan (Note 17)

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47,809

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​

77

December 31, 2024

 

340,708,460

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$

477,217

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