TORONTO, ONTARIO–(Marketwired – Aug. 4, 2017) – Nautilus Minerals Inc. (TSX:NUS)(OTC:NUSMF Nasdaq Intl Designation) (the “Company” or “Nautilus”) announces that it has closed its previously announced private placement pursuant to its financing notice dated July 21, 2017, delivered under the Company’s subscription agreement with Mawarid Offshore Mining Ltd. and Metalloinvest Holding (Cyprus) Limited (together, the “Investors”) dated August 21, 2016, as amended.
At the closing, the Company issued an aggregate of 11,761,682 common shares to the Investors at an issue price of C$0.214 per share for aggregate proceeds to the Company of US$2,000,000. The private placement was allocated equally between the two Investors.
The private placement forms part of the up to US$20 million financing approved by the Company’s shareholders at the extraordinary general meeting of the Company held on October 26, 2016.
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Certain of the statements made in this news release may contain forward-looking information within the meaning of applicable securities laws, including statements with respect to the closing of the bridge financing, the use of proceeds of the bridge financing, the previously announced restructuring plan, and plans to develop the seafloor mining industry. We have made numerous assumptions about such statements, including assumptions relating to the bridge financing, project funding, completion and operation of the Company’s seafloor production system and assumptions regarding the timing and effect of the restructuring plan, including securing agreements with third parties to complete the construction of the remaining seafloor production system within certain timeframes. Even though our management believes the assumptions made and the expectations represented by such statements are reasonable, there can be no assurance that they will prove to be accurate. Forward-looking information by its nature involves known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information. Please refer to our most recently filed Annual Information Form in respect of material assumptions and risks related to the prospects of extracting minerals from the seafloor and other risks relating to the Company’s business and plans for development of the Solwara 1 Project. Risks related to advancing towards production include the risk that the Company will be unable to obtain at all or on acceptable terms the remaining financing necessary to fund completion of the build, testing and deployment of the Company’s seafloor production system and that agreements with third party contractors for building slots within certain timeframes are not secured as required. As the Company has not completed an economic study in respect of the Solwara 1 Project, there can be no assurance that the Company’s production plans will, if fully funded and implemented, successfully demonstrate that seafloor resource production is commercially viable. Risks related to the restructuring plan include the risk that the plan cannot be implemented as expected, the risk that the plan does not result in the cost savings expected and the risk that the restructuring plan and the bridge financing do not provide sufficient time for the Company to secure project financings for the Solwara 1 Project. Except as required by law, we do not expect to update forward-looking statements and information as conditions change and you are referred to the full discussion of the Company’s business contained in the Company’s reports filed with the securities regulatory authorities in Canada.
About Nautilus Minerals Inc.
Nautilus is the first company to explore the ocean floor for polymetallic seafloor massive sulphide deposits. Nautilus was granted the first mining lease for such deposits at the prospect known as Solwara 1, in the territorial waters of Papua New Guinea, where it is aiming to produce copper, gold and silver. The Company has also been granted its environmental permit for this site.
Nautilus also holds highly prospective exploration acreage in the western Pacific (granted and under application), as well as in international waters in the Central Pacific.
A Canadian registered company, Nautilus is listed on the TSX:NUS stock exchange and is also a member of the Nasdaq International Designation program. Its corporate office is in Brisbane, Australia. Its major shareholders include MB Holding Company LLC, an Oman based group with interests in mining, oil & gas, which holds a 29.3% interest and Metalloinvest, the largest iron ore producer in Europe and the CIS, which has a 18.5% holding (each on a non-diluted basis, excluding loan shares outstanding under the Company’s share loan plan).
