Key points
- Nautilus Minerals withdrew its proposed capital raising after two weeks of marketing to investors.
- CEO Steve Rogers said Nautilus had a cash balance of $139-million at March 31, with no debt.
- Nautilus continues to advance its Solwara 1 project in the Bismarck Sea of Papua New Guinea.
- Nautilus will release its first quarter financial results early next week.
As a result of weak financial market conditions, Nautilus Minerals Inc. has decided to withdraw its proposed capital raising.
Despite a positive response from investors during marketing of the proposed transaction over the past two weeks, adverse market conditions had meant that it was not in the interests of shareholders for the transaction to proceed.
Chief executive officer Steve Rogers said Nautilus had a cash balance of $139-million at March 31, and no debt.
“While it is disappointing to withdraw the capital raising, we did not believe shareholders would be best served by issuing stock in the current market conditions. We have a strong cash position and a range of alternative options available to access capital in the future.
“Nautilus continues to advance its first project at Solwara 1 in the Bismarck Sea of Papua New Guinea,” he said.
Nautilus will be releasing its first quarter financial results early next week.
