SeaBird joins deep sea minerals hunt

Seismic player SeaBird said it will list its wholly-owned subsidiary Green Minerals on Euronext Growth Oslo.

According to the prospectus, the listing should take place during the first quarter of next year.

The move is part of a funding plan to raise minimum NOK 30 million from the issuance of new ordinary shares in the company, representing up to 25 per cent of the outstanding shares.

Green Minerals, priced at between NOK 90 and 110 million, is in the business of deep sea mining of marine minerals and rare earth elements (REE) key to the green shift.

The company aims to win licenses to survey, explore and produce marine minerals on the Norwegian Shelf, thereby capitalising on a NOK 700 billion worth of resource potential.

Seabird plans to keep 75 and 79 per cent of the shares in the company after the issue.

The company also intends to spin off parts of the ownership in Green Minerals to its own shareholders, while remaining a large owner.

Green Minerals will have around 5000 shareholders and stay fully funded until license award when listing on Euronext Growth Oslo.

Some of the largest shareholders in Seabird, the executive chairman and at least one board member have pre-committed to subscribe to the offering.