Key points
- Nautilus filed a prospectus for a $40-million rights offering during the quarter.
- The company held US$36.6-million (equivalent) in cash and cash equivalents as at March 31, 2013.
- CEO Mike Johnston said the $40-million rights offering funded advancement of the Solwara 1 project’s three key contracts.
- Arbitration between Nautilus and the state is continuing, with an outcome expected in the third quarter of 2013.
Nautilus Minerals Inc. has released its unaudited consolidated financial results for the first quarter ended March 31, 2013, together with management’s discussion and analysis.
First quarter 2013 highlights:
Prospectus filed for $40-million rights offering;
$36.6-million (U.S.) (equivalent) in cash and cash equivalents as at March
31, 2013.Solwara 1 project advanced.
- Prospectus filed for $40-million rights offering;
- $36.6-million (U.S.) (equivalent) in cash and cash equivalents as at March
31, 2013.
- Solwara 1 project advanced.
“Despite the setbacks in 2012, the company has continued to advance the Solwara 1 project and in particular, its three key contracts through a $40-million rights offering,” said Nautilus chief executive officer Mike Johnston. “While the arbitration process is continuing and an outcome is expected in third quarter 2013, it has been Nautilus’s preference to resolve the dispute with the state by agreement and with that aim Nautilus has taken steps to meet with senior representatives of the state, including discussions with national executive council ministers. Nautilus continues to engage with the state in an effort to resolve matters amicably.”
The financial statements and management’s discussion and analysis have been filed on SEDAR and are also available on the company’s website.
