Deep Sea Minerals said on October 26, 2026, that it had filed a preliminary prospectus supplement for a proposed public offering tied to a planned listing on a US national securities exchange. The offering’s size, price and final terms have not been determined.

Key Takeaways

  • Each American depositary share offered is expected to represent 12 common shares.
  • The proposed proceeds would support exploration-rights applications and preparation, but would not be enough to fund an offshore work program.
  • The offering and listing remain subject to conditions and required approvals.

Deep Sea Minerals offering terms remain open

The proposed offering would comprise American depositary shares, or ADSs, and warrants exercisable for ADSs. Deep Sea Minerals plans to offer the securities in the United States and certain other jurisdictions outside Canada; no securities would be sold to Canadian purchasers under the offering.

Maxim Group is the sole book-running manager. The company expects to give the underwriter a 45-day option to purchase up to an additional 15% of the ADSs and/or warrants offered.

Pricing is expected to reflect market conditions. The company said there is no assurance about whether or when the offering will be completed, or about its final size and terms.

How the company plans to use the proceeds

Deep Sea Minerals intends to use net proceeds to advance applications for subsea mineral exploration rights in the Clarion-Clipperton Fracture Zone under a US regulatory regime and in the Cook Islands’ exclusive economic zones. It also plans to fund technical, environmental and contractor readiness work ahead of offshore activity, as well as listing, compliance and working-capital costs.

The company said the net proceeds would not be sufficient to fund an offshore work program.

Filings and conditions

The supplement was filed with Canadian securities regulators in every province and territory except Nova Scotia and with the US Securities and Exchange Commission. It accompanies a base shelf prospectus dated July 28, 2026, under a US registration statement that became effective on July 31.

Closing is subject to customary conditions, including any required approvals from the Canadian Securities Exchange and the proposed US national securities exchange. The company did not identify the intended US exchange.

Next milestone

The final terms are to be disclosed in a final prospectus supplement filed with the SEC and on SEDAR+.

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