Nautilus Minerals Inc. has released its audited consolidated financial results for the year ended Dec. 31, 2006, reported under Canadian GAAP and IFRS, together with management’s discussion and analysis.
Highlights from 2006 include:
reverse takeover and $25-million private placement completed with company listing on TSX Venture Exchange in May, 2006;
conversion of Barrick Gold’s joint venture interest into equity;
private placements with major mining investors including Teck Cominco and Anglo American totalling approximately $100-million (U.S.);
heads of agreement with Jan De Nul to build, in relation to the provision of and operation of, a mining vessel; and
additional exploration applications lodged in Papua New Guinea, Fiji and Tonga increasing the area covered by exploration licences and applications to over 276,000 square kilometres.
- reverse takeover and $25-million private placement completed with company listing on TSX Venture Exchange in May, 2006;
- conversion of Barrick Gold’s joint venture interest into equity;
- private placements with major mining investors including Teck Cominco and Anglo American totalling approximately $100-million (U.S.);
- heads of agreement with Jan De Nul to build, in relation to the provision of and operation of, a mining vessel; and
- additional exploration applications lodged in Papua New Guinea, Fiji and Tonga increasing the area covered by exploration licences and applications to over 276,000 square kilometres.
Highlights from 2007 include:
$100-million (U.S.) private placement completed with company listing on the Alternative Investment Market of the London Stock Exchange;
$75-million (U.S.) private placement in North America; and
commencement of world’s largest commercial exploration program for high-grade seafloor massive sulphide systems.
- $100-million (U.S.) private placement completed with company listing on the Alternative Investment Market of the London Stock Exchange;
- $75-million (U.S.) private placement in North America; and
- commencement of world’s largest commercial exploration program for high-grade seafloor massive sulphide systems.
David Heydon, chief executive officer of the company, commented: “These results reflect a very successful year for the company, which is now well positioned to execute its business plan. In the eight months of 2006 since listing in May, the company raised approximately $100-million (U.S.) in private placements and introduced a number of major mining investors to the company. The 2007 year has already seen an additional $175-million (U.S.) raised and a major exploration program launched allowing the company to maintain the momentum established in 2006.”
Mr. Heydon added: “As reported on March 21, 2007, the company has launched the world’s largest commercial exploration program for high-grade seafloor massive sulphide systems based around the 141-metre vessel Wave Mercury. This major program will involve 180 days on site, incorporating geophysical surveys, sampling, drilling and environmental studies to support the Solwara 1 mine plan.”
The financial statements as well as management’s discussion and analysis follow.
Options
The company has cancelled 400,000 options previously issued to an employee of the company and granted 694,025 options to an employee and director of the company, effective from March 29, 2007, at a price of $4.83 for 400,000 options, $4.72 for 29,365 options and $4.79 for 264,660 options for a term of three years vesting as to 20 per cent every six months for a period of 30 months starting six months from the date of grant for 400,000, and for the remainder, vesting as to 25 per cent on grant and 25 per cent each six months thereafter.
Clarification of directors’ holdings
As at March 30, 2007, the interests of the directors in the share capital of the company are as follows:
Director Number of common Percentage of common
shares held shares held
A. Geoffrey Loudon 1,535,175 1.18
David Heydon 3,298,625 2.53
David De Witt 324,437 0.25
Russell Debney 478,300 0.37
