Deep Sea Minerals (CSE: SEAS; US-OTC: DSEAF) said it intends to list on Nasdaq exchange as part of its long-term growth strategy to secure a more diversified investor base.
The Canadian company filed on Friday its application with the Nasdaq for the planned listing. If approved, it would join The Metals Company (Nasdaq: TMC) and Odyssey Marine Exploration (Nasdaq: OMEX) as the third seabed exploration company traded on the exchange.
The Nasdaq listing, the Vancouver-based Deep Sea Minerals says, is intended to support the company’s long-term capital markets strategy to widen its shareholder base and improve the flow of its shares.
“A listing on the Nasdaq is expected to enhance our visibility within the global investment community, broaden access to institutional and retail investors, and support increased liquidity for our shareholders as we continue advancing our development objectives, CEO James Deckelman said in a release.
Shares of Deep Sea Minerals jumped to an all-time high of $1.79 apiece on Friday in Toronto. The company has a market capitalization just north of $80 million.
Early stages
The company currently has no active projects but aims to secure a portfolio of seabed mining concessions, setting sights on both the Clarion–Clipperton Zone (CCZ) and the Cook Islands. It’s engaging with governments and regulatory bodies in the region to prepare for exploration.
The CCZ, comprising an approximately 4.5-million-sq.-km abyssal plain in the Pacific Ocean between Hawaii and Mexico, is the most extensively studied deep-sea mining region. It is said to host the world’s largest known deposit of polymetallic nodules.
The potato-sized rocks are being targeted by mining firms for their rich concentrations of critical minerals such as nickel, cobalt, copper and manganese. TMC is currently the furthest ahead in the exploration efforts, having recently been approved for a licence by the U.S. National Oceanic and Atmospheric Administration.
The U.S. Geological Survey estimates there are at least 21 billion tonnes of these nodules lying on the CCZ seafloor at depths of 3,500 to 6,000 metres. TMC’s licence would cover only a fraction of that total (estimated at around 1 billion tonnes).
The Cook Islands Exclusive Economic Zone is also said to contain an abundance of polymetallic nodules, estimated at 6.7 billion tonnes by a study conducted by Congress.
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