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Deep Sea Minerals (CSE: SEAS) says it is seeking a U.S. exchange listing public offering of American depositary shares (ADS), to raise money and advance its deep-sea mineral exploration strategy.
The company is currently pursuing exploration rights in the Clarion-Clipperton Zone (CCZ) and the Cook Islands. The company intends to use its net proceeds to fund pre-offshore technical, environmental and contractor readiness workstreams, U.S. listing and public company compliance costs and general working capital. However, the company added that the initial raise will not fund any actual offshore programs.
The offering is being managed by U.S. investment bank Maxim Group.
The news comes shortly after the Trump administration issued a final leasing notice for the first deep-sea mining lease sale in U.S. history, offering 31 million acres of seabed off American Samoa. The proposed leasing agreement has faced backlash from environmental organizations, including the Natural Resources Defense Council (NRDC), and local communities.
According to the US Geological Survey, there are at least 21 billion tonnes of polymetallic nodules on the CCZ seafloor.