Key points
- On Aug. 21, 2016, Nautilus Minerals entered a subscription agreement with Metalloinvest and Mawarid Offshore Mining Ltd. for up to $20-million (U.S.) in gross proceeds via private placement.
- The financing closes in monthly tranches from Dec. 1, 2016 to Nov. 30, 2017, capped at $2-million (U.S.) per month and $20-million (U.S.) in aggregate.
- On Dec. 13, 2016, Metalloinvest acquired 7,769,540 common shares at 17.4 cents per share as part of a December tranche totalling 15,539,080 shares.
- Metalloinvest now owns 98,438,065 common shares of Nautilus Minerals, representing approximately 15.3 per cent of the outstanding shares.
EARLY WARNING PRESS RELEASE
This press release is being disseminated by Metalloinvest Holding (Cyprus) Ltd., an investment company incorporated under the laws of Cyprus at the address of 205 Christodoulou Chatzipavlou, Louloupis Ct., seventh floor, 3036 Limassol, Cyprus, as required by National Instrument 62-103, the early warning system and related takeover bids and insider reporting issues.
On Aug. 21, 2016, Nautilus Minerals Inc. with head office at level 3, 33 Park Rd., Milton, Queensland, Australia, entered into a subscription agreement with the company and Mawarid Offshore Mining Ltd., under which the purchasers have agreed to purchase such number of common shares of the issuer that will raise gross proceeds of up to $20-million (U.S.).
Pursuant to the subscription agreement, the shares will be purchased on a private placement basis and will close in tranches, on a monthly basis, during the period from Dec. 1, 2016, through to Nov. 30, 2017, at the election of the issuer.
The issuer will determine the amount of proceeds to be raised under each tranche during each month of the financing period, subject to the limitations of receiving maximum subscription proceeds of $2-million (U.S.) per month and an aggregate maximum total amount of $20-million (U.S.) during the entire financing period.
Shares will be issued under each tranche at a price that is equal to the volume-weighted average trading price of the issuer’s common shares on the Toronto Stock Exchange for the five-day period immediately prior to the date the issuer issues the purchasers a notice that the tranche will proceed.
Unless the purchasers agree to a different allocation, the aggregate purchase price and corresponding number of shares of each tranche shall be equally divided between the purchasers.
On Nov. 21, 2016, the issuer issued a financing notice to the purchasers that, in respect of December, 2016, the purchasers will pay to the issuer aggregate subscription proceeds of $2-million (U.S.), and the purchasers will receive a total of 15,539,080 common shares at 17.4 cents per common share. Pursuant to the financing notice, on Dec. 13, 2016, Metalloinvest acquired 7,769,540 common shares.
Metalloinvest currently owns 98,438,065 common shares of the issuer, representing approximately 15.3 per cent of the outstanding shares of the issuer.
An early warning report in respect of the above transactions will be filed with the relevant Canadian securities regulatory authorities. Copies of such reports may be obtained from SEDAR or by contacting Kyriakos Attikouris at 357-25-206-000.
