Key points
- The extraordinary general meeting was held on Oct. 26, 2016, in Vancouver, B.C.
- 99.7 per cent of votes cast were in favour and 0.3 per cent against the bridge financing resolution.
- 38.85 per cent of eligible issued shares were voted, with 256,584,785 shares held by Mawarid Offshore Mining Ltd. and Metalloinvest Holding (Cyprus) Ltd. excluded as required by the TSX.
- The financing, under a subscription agreement dated Aug. 22, 2016 and amended Sept. 19, 2016, will fund continued operations and the Solwara 1 project pending final TSX approval.
Nautilus Minerals Inc. has released the results of its extraordinary general meeting held on Oct. 26, 2016, in Vancouver, B.C.
Eligible shareholders voted in favour of the bridge financing to be provided by the company’s two largest shareholders by way of a private placement pursuant to a subscription agreement dated Aug. 21, 2016, and amended Sept. 19, 2016. Details of the arrangements are set out in the press release dated Aug. 22, 2016, and the company’s information circular dated Sept. 19, 2016.
Mike Johnston, chief executive officer of Nautilus Minerals, said: “I would like to thank our shareholders for approving this bridge financing and our two major shareholders for providing the funds for this arrangement. We appreciate your continued support for our company as we look towards developing the sea floor mining industry.”
The gross proceeds available under the subscription agreement will provide the bridge financing necessary to enable the company to continue operating and to carry on the Solwara 1 project as described in the press release dated Aug. 22, 2016, while it continues to explore additional financing, joint ventures or other transactions that provide the financing required in order to complete the development of the Solwara 1 project. There can be no assurances that the company will be successful in securing any such transactions.
The company provides the following report on the voting results of the matter considered at the extraordinary general meeting, the particulars of which are set out in detail in the company’s information circular filed on SEDAR. The vote was conducted by ballot at the extraordinary general meeting.
Results of voting in respect of the bridge financing were as shown as follows.
Votes for: 99.7 per cent
Votes against 0.3 per cent
Votes for: 99.7 per cent
Votes against 0.3 per cent
Of the eligible issued shares, 38.85 per cent were voted on the resolution, and a total of 256,584,785 shares held by Mawarid Offshore Mining Ltd. and Metalloinvest Holding (Cyprus) Ltd. were excluded from the vote, as required by the Toronto Stock Exchange and applicable securities laws.
The financing remains subject to customary filings after the extraordinary general meeting with, and final approval of, the TSX, as well as compliance with the TSX’s requirements in respect of each private placement under the bridge financing.
