Key points
- Initial testing of the NamSSol seabed crawler’s hydraulics, electrics, sensors and software was successfully completed in the North Sea.
- Modifications are required to the vessel’s launch and recovery system and are expected to be completed next week.
- Following final testing, MV Kovambo will depart for Namibia to begin mining operations in the company’s Luderitz concession.
- The company privately placed US$5,000,000 of 6% exchangeable subordinated debentures maturing December 4 1999, exchangeable into common shares at US$3.75 per share in year one and US$4.50 per share in year two.
Initial testing and trials of the NamSSol seabed crawler have been successfully completed in the North Sea. Following testing of components such as hydraulics, electrics, sensors and software, the NamSSol was proved fully functional on the seabed. The trials have demonstrated that certain modifications are required to the vessel’s launch and recovery system. These are expected to be completed next week.
Following final testing of the system MV Kovambo will depart for Namibia to commence mining operations in the company’s Luderitz concession.
The ManSSol is a 120 tonnes tracked vehicle which has been uniquely developed for marine mining in Namibia by Namco and SubSee Offshore Ltd, a Dresser Industries company.
The company has privately placed US$5,000,000 of 6% exchangeable subordinated debentures to a group of European investors. The debentures are guaranteed on a subordinated basis by, and exchangeable into common shares of the company. The maturity date of the debentures is December 4 1999. The debentures are exchangeable into common shares of the company at the holder’s option in year one at an exchange price of US$3.75 per share, and in year two at US$4.50 per share. The debentures will not be redeemable by the subsidiary prior to December 4 1998.
The proceeds of the placement will be allocated to the acceleration of an exploration program of the company’s marine concessions and for general working capital purposes.
