Key points
- Nautilus Minerals Inc. invested US$1.3 million in seed capital for a 51-per-cent equity interest in a company associated with director and outgoing CEO David Heydon.
- The new company will explore for ultradeepwater mineral resources at depths greater than 4,000 metres.
- Nautilus will retain its primary focus on developing seafloor massive sulphide deposits, specifically the Solwara 1 project.
- The shareholder agreement for the new subsidiary includes a mutual non-compete between the companies until the end of 2010.
Nautilus Minerals Inc. has made a $1.3-million (U.S.) seed capital investment for a 51-per-cent equity interest in a company associated with director and outgoing chief executive officer David Heydon. The company will be involved in the exploration for ultradeepwater (greater than 4,000 metres) mineral resources. This investment will allow Nautilus shareholders to participate in an exciting long-term opportunity without distracting attention from its primary focus on the development of seafloor massive sulphide deposits and specifically the Solwara 1 project. The shareholder agreement for the new subsidiary includes a mutual non-compete between the companies until the end of 2010.
