Key points
- The joint venture between Nautilus Minerals and Eda Kopa (Solwara) Ltd., a wholly owned subsidiary of Petromin PNG Holdings Ltd., was formed on Dec. 11, 2014.
- Eda Kopa took an initial, fully financed 15 per cent interest in Solwara 1, with an option to acquire a further 15 per cent.
- The option was exercisable in three 5 per cent lots within six, nine and 12 months of the joint venture’s formation, lapsing if not exercised in time.
- Nautilus has agreed to extend the exercise date of each of the three 5 per cent options by six months to allow further discussion with the state nominee.
NAUTILUS AND STATE NOMINEE AGREE TO EXTEND OPTION EXERCISE DATE
Nautilus Minerals Inc. has agreed to extend by six months the exercise date of the options granted to its joint venture partner in the Solwara 1 project.
On Dec. 11, 2014, the company and the nominee of Papua New Guinea, Eda Kopa (Solwara) Ltd. (a wholly owned subsidiary of Petromin PNG Holdings Ltd.), formed a joint venture in respect of the Solwara 1 project. Under the terms of that joint venture, the state nominee took an initial 15-per-cent interest which is fully financed, with the option to take up to a further 15-per-cent interest within 12 months upon paying certain amounts pursuant to a formula described in the agreement. The option was exercisable in three 5-per-cent lots within six, nine and 12 months, respectively, from the date the joint venture was formed. If the state nominee does not exercise any of the 5-per-cent options within the relevant time period then that option and any subsequent options are deemed to have lapsed.
To facilitate further discussion between the company and the state nominee, the company has agreed to extend the exercise date of the three 5-per-cent options by six months, respectively.
