Nautilus Minerals Inc. has released its audited consolidated financial results for the year ended Dec. 31, 2007, reported under Canadian generally accepted accounting principles, together with management’s discussion and analysis, and annual information form.
In 2007, the company:
Raised $214-million (equivalent) gross proceeds equity throughout the year in three brokered and strategic shareholder placements;Had $310-million (equivalent) in cash and cash equivalents held on deposit with major banks at year-end (no asset backed commercial paper exposure);Secured the grant in 2007 of 56 new exploration licences covering approximately 140,000 square kilometres in the territorial waters of Papua New Guinea, Solomon Islands and Tonga;Discovered four new sea floor massive sulphide prospects;Received admission to the Alternative Investment Market in February, 2007;Graduated to Toronto Stock Exchange in August, 2007;Strengthened the board of directors with two new appointments;Launched the development of the world’s first sea floor massive sulphide resource project — Solwara 1 — awarded first of three major offshore contracts;Entertained Teck Cominco’s exercise of three million $5 warrants at a significant market premium to meet first trigger of joint-venture rights;Completed the world’s first sea floor massive sulphide resource estimate.
- Raised $214-million (equivalent) gross proceeds equity throughout the year in three brokered and strategic shareholder placements;
- Had $310-million (equivalent) in cash and cash equivalents held on deposit with major banks at year-end (no asset backed commercial paper exposure);
- Secured the grant in 2007 of 56 new exploration licences covering approximately 140,000 square kilometres in the territorial waters of Papua New Guinea, Solomon Islands and Tonga;
- Discovered four new sea floor massive sulphide prospects;
- Received admission to the Alternative Investment Market in February, 2007;
- Graduated to Toronto Stock Exchange in August, 2007;
- Strengthened the board of directors with two new appointments;
- Launched the development of the world’s first sea floor massive sulphide resource project — Solwara 1 — awarded first of three major offshore contracts;
- Entertained Teck Cominco’s exercise of three million $5 warrants at a significant market premium to meet first trigger of joint-venture rights;
- Completed the world’s first sea floor massive sulphide resource estimate.
David Heydon, Nautilus’s chief executive officer, commented: “Two thousand seven was a year of significant progress and success for Nautilus, with the discovery of four new mineralized systems and achieving a string of world firsts in ROV drilling, geophysics and the world’s first NI 43-101-compliant resource estimate for a sea floor massive sulphide system. The company is focused not just on the development of a new mine, but of a new industry, and the success the company experienced in 2007 has it well positioned to become an emerging producer in 2010.”
Nautilus has filed its annual information form for the year ending Dec. 31, 2007. The company’s financial statements, management’s discussion and analysis, annual information form, and technical report are available from the company’s website and SEDAR.
