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  "documentTitle": "TMC the metals company Inc. (TMC)",
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  "presentationDate": "2021-10-06 00:00:00",
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  "notes": "Includes a direct excerpt from ISA regulations regarding termination of sponsorship.",
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      "kind": "callout",
      "text": "SECTION 20 TERMINATION OF SPONSORSHIP 20.1 If the nationality or control of the Contractor changes... 20.2 In either such event, if the Contractor does not obtain another sponsor... this contract shall terminate forthwith.",
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      "kind": "callout",
      "text": "Should the contractor fail to obtain sponsorship that meets the requirements of the Regulations, the contract will be terminated.",
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      "text": "Tonga business registry records revealed that a Tonga citizen used to be listed as TOML's director. In 2011, Paul Taumoepeau became the local Tongan representative until March 31, 2020 when three DeepGreen directors were nominated, two Australians and one Canadian. Most importantly, no Tongan citizen.",
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      "kind": "paragraph",
      "text": "Since DeepGreen acquired TOML in March 2020 and made effective registation changes, there no longer exists a Tonga citizen on the director list which to us suggests that TOML is at risk of losing its contract with the ISA.",
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      "kind": "quote",
      "text": "20.1 If the nationality or control of the Contractor changes or the Contractor's sponsoring State, as defined in the Regulations, terminates its sponsorship, the Contractor shall promptly notify the Authority forthwith. 20.2 In either such event, if the Contractor does not obtain another sponsor meeting the requirements prescribed in the Regulations which submits to the Authority a certificate of sponsorship for the Contractor in the prescribed form within the time specified in the Regulations, this contract shall terminate forthwith. — ISA Regulations on Prospecting and Exploration for Polymetallic Nodules in the Area",
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      "kind": "source-note",
      "text": "5 Source: TMC Form S-4 – p. 186 6 Regulations on Prospecting and Exploration for Polymetallic Nodules in the Area – Regulation 29 7 Regulations on Prospecting and Exploration for Polymetallic Nodules in the Area – Regulation 11",
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      "text": "Source: ISA Regulations on Prospecting and Exploration for Polymetallic Nodules in the Area",
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      "kind": "title",
      "text": "QUESTIONABLE LEGAL STATUS OF TOML LICENSE",
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