Nautilus Minerals Obtains Bridge Financing, Restructures Solwara 1 Project Delivery, PNG
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Nautilus Minerals Inc. has signed a subscription agreement with Mawarid Offshore Mining Ltd. and Metalloinvest Holding (Cyprus) Limited under which the purchasers have agreed to purchase such number of common shares of the company that will raise gross proceeds of up to US$20 million.
“The company appreciates the ongoing support of its two major shareholders through this bridge financing arrangement, especially given current market conditions. We are also heartened by the continued support of all of our key stakeholders, in particular, our joint venture partner in the Solwara 1 Project, the Independent State of Papua New Guinea’s nominee and our vessel contractors, Marine Assets Corporation and Fujian Mawei shipyard. The global interest in seafloor mining continues to grow, and Nautilus remains the industry leader in this expanding field,” said Mike Johnston, CEO of Nautilus Minerals.
The company requires significant additional funding in order to complete the build and deployment of the seafloor production system to be utilized at the Solwara 1 Project by the company and its joint venture partner (as to 15 percent), the Independent State of Papua New Guinea’s nominee.
The gross proceeds available under the subscription agreement will provide the bridge financing necessary to enable the company to operate and to carry on the project, while it continues to explore additional financing, joint ventures or other transactions that provide the funding required in order to complete the development of the Solwara 1 Project.
To read more details in the company’s press release, CLICK HERE
About Nautilus Minerals
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.
To stop by Nautilus Minerals’ website, CLICK HERE
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