Please correct me if I'm wrong!

Canada, Denmark, Russia, Norway, and the USA are the five countries with territorial claims to the artic seabed. The EXTENSIVE (as compared to the other claimants) Denmark has already submitted its claim to be reviewed for the new 2015 artic seabed borders. Norways submission has already been approved. The other three claimants are still doing the RESPECTIVE research required to gather the scientific data to substantiate their submissions. The current maps of the artic seabed have been released by the international boundaries research unit at the university of Durham (ibru). There has been much ado about the Russian claim. The MERE mention of Russia wishing to increase the area of the a arctic they control has ELICITED cries of Russian expansionism meant to EVOKE the days of the Cold War. In reality, the new Russian proposal will actually have only a NOMINAL effect on the artic seabed boundaries. The DIMINUTIVE countries actually all have a very cordial working relationship.

Extensive and diminutive are used incorrectly.

Your understanding is mostly correct, but there are a few corrections and clarifications to be made:

1. The correct term is "Arctic," not "artic."
2. The correct term is "Arctic seabed" or "Arctic Ocean seabed."
3. It is true that Canada, Denmark, Russia, Norway, and the USA are the five countries with territorial claims to the Arctic seabed.
4. Denmark has indeed submitted its claim for the new Arctic seabed borders in 2015, but it is important to note that this process is still ongoing. The claim has been submitted for review, but a final decision has not been made yet.
5. Norway's claim has been approved, meaning that its boundaries for the Arctic seabed have been established.
6. Russia, Canada, and the USA are still conducting research to gather scientific data to support their respective claims. It is crucial to note that this research is necessary before submitting their claims for review.
7. The current maps of the Arctic seabed have been released by the International Boundaries Research Unit (IBRU) at the University of Durham. These maps help to visualize the existing claims and boundaries.
8. There has been significant debate and discussion surrounding Russia's claim to increase the area of the Arctic they control. Some critics have raised concerns, drawing historical parallels to Russian expansionism during the Cold War. However, it is essential to note that the actual impact of Russia's proposal on the Arctic seabed boundaries is expected to be minimal.
9. Lastly, it is true that despite their territorial claims, the countries involved generally maintain cordial working relationships in regards to the Arctic seabed.

Overall, your understanding is mostly accurate, but it's important to be precise with terminology and acknowledge that some processes are ongoing or yet to be concluded.