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  "documentTitle": "TMC the metals company Inc. (TMC)",
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  "authorName": "Bonitas Research",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-10-06 00:00:00",
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  "notes": "The slide uses direct excerpts from legal/financial documents to challenge corporate claims.",
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      "text": "In 2008 NORI was a subsidiary of Nautilus Minerals Inc. (\"Nautilus\"). Since that time Nautilus has sold all of its ownership and interest in NORI. NORI is now wholly owned by the Nauru Education and Training Foundation and the Nauru Health and Environment Foundation",
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      "text": "TMC claimed in its S-4 that it owns 100% interest in NORI. However, NORI’s exploration license application to the ISA disclosed that NORI was wholly owned by two Nauruan foundations.",
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      "text": "NMI's woes started in 2018 when it was unable to pay for its mining boat to be completed. Without a boat, there is no deep sea mining. So NMI's two largest shareholders, MB Holding Company LLC and Metalloinvest Holding (Cyprus) Limited, established DSMF to create a senior secured lien on NMI's assets.",
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      "text": "There are also reasons to question TMC's ownership claim of NORI. TMC claimed in its S-4 that it owns 100% interest in NORI. However, NORI's exploration license application to the ISA disclosed that NORI was wholly owned by two Nauruan foundations.",
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      "kind": "paragraph",
      "text": "NMI's reported net assets of US$ 233 million (CN$ 300 million) as of September 30, 2018. By February 2019, NMI was unable to pay its debts and sought protection from the Supreme Court of British Columbia to administer hearing and sanction order. PwC Monitor's First Report to Court dated March 7, 2019 (“PwC’s 1st Report”) tallied that in 12 years, NMI had raised and burned through US$ 686 million.",
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      "text": "In 2008 NORI was a subsidiary of Nautilus Minerals Inc. (\"Nautilus\"). Since that time Nautilus has sold all of its ownership and interest in NORI. NORI is now wholly owned by the Nauru Education and Training Foundation and the Nauru Health and Environment Foundation; two Nauruan foundations which own NORI in equal shares. As such, NORI is no longer affiliated with Nautilus or any other entity or person outside of Nauru. — NORI Exploration License Application dated July 21, 2011",
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