Deep Sea Minerals eyes US listing as leasing auction nears
The company is currently pursuing exploration rights in the Clarion-Clipperton Zone (CCZ) and the Cook Islands.
Deep Sea Minerals (CSE: SEAS) is aiming to list its shares on a U.S. exchange through an American depositary shares (ADS) offering, in an effort to raise capital and bolster its deep-sea mineral exploration efforts. The firm is currently seeking exploration rights in the Clarion-Clipperton Zone (CCZ) and the Cook Islands. The company plans to allocate its net proceeds towards pre-offshore technical, environmental, contractor readiness, U.S. listing, public company compliance, and general working capital costs.
However, the initial fundraising round will not finance any actual offshore operations. The offering is being overseen by U.S. investment bank Maxim Group.
This news arrives in the wake of the Trump administration's final leasing notice for the inaugural deep-sea mining lease sale in U.S. territory, encompassing 31 million acres of seabed off American Samoa. The proposed lease has drawn criticism from environmental groups, such as the Natural Resources Defense Council (NRDC), and local communities. According to the U.S. Geological Survey, the CCZ seafloor is estimated to contain at least 21 billion tonnes of polymetallic nodules.
Written by urgent.news from Mining.com's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
