Key points
- Soil Machine Dynamics Ltd. of Newcastle upon Tyne, U.K., was awarded a 33 million pounds sterling contract to design and build two deep sea mining machines.
- Golder Associates Pty. Ltd. completed the world’s first NI 43-101-compliant resource estimate for a seafloor massive sulphide system, for the Solwara 1 deposit in Papua New Guinea.
- Teck Cominco Ltd. agreed to exercise warrants six months early to acquire three million additional shares at $5.00 (U.S.) per share for $15 million (U.S.), raising its stake to about 7.2 per cent.
- The warrant exercise increased Nautilus’s cash in bank to $312 million (U.S.) as of Dec. 31, 2007, and brought Teck Cominco’s total committed financing to $52 million (U.S.).
NAUTILUS CLOSES 2007 WITH THREE MAJOR PRESS RELEASES AND US$312 MILLION IN CASH
Nautilus Minerals Inc. has closed the year with $312-million (U.S.) cash in the bank, which with 145 million shares on issue, equates to cash backing of $2.15 (U.S.) per share.
Also for investor disclosure during the holiday season, the company reiterates the three key press releases from the week of Dec. 17, 2007, being the announcements of the:
Seafloor mining tool contract;Resource statement;Teck Cominco warrant exercise.
- Seafloor mining tool contract;
- Resource statement;
- Teck Cominco warrant exercise.
Seafloor mining tool contract
Soil Machine Dynamics Ltd. of Newcastle upon Tyne, U.K., was awarded a 33 million pounds sterling contract for the design and build of two deep sea mining machines (see news in Stockwatch on Dec. 18, 2007).
Resource statement
The world’s first NI 43-101-compliant resource estimate for a seafloor massive sulphide system was completed by Golder Associates Pty. Ltd. for the company’s Solwara 1 deposit, located in the territorial waters of Papua New Guinea (see news in Stockwatch on Dec. 20, 2007).
Teck Cominco warrant exercise
Teck Cominco Ltd. has agreed to exercise, six months early, its share purchase warrants to acquire three million additional common shares of the company at a price of $5.00 (U.S.) per share for a total of $15-million (U.S.), taking Teck Cominco’s shareholding to approximately 7.2 per cent of the issued shares of the company. The exercise of these warrants brings to $52-million (U.S.) the finances committed by Teck Cominco.
The transaction increases Nautilus’s cash in bank to $312-million (U.S.) as of Dec. 31, 2007. With 145 million shares on issue, this equates to cash backing of $2.15 (U.S.) per share (see news in Stockwatch on Dec. 20, 2007).
A webcast of the Dec. 20, 2007, investor conference call is available on the company’s website.
