Key points
- Nautilus will issue 12,507,042 common shares at 21.3 cents per share for aggregate proceeds of US$2-million.
- The placement will be split equally between Mawarid Offshore Mining Ltd. and Metalloinvest Holding (Cyprus) Ltd.
- Closing must occur during April 2017, within 10 business days after the investors pay the subscription proceeds.
- The placement is part of an up to US$20-million financing approved by shareholders at the Oct. 26, 2016 extraordinary general meeting.
NAUTILUS DELIVERS US$2 MILLION FINANCING NOTICE FOR APRIL 2017
Nautilus Minerals Inc., pursuant to its subscription agreement with Mawarid Offshore Mining Ltd. and Metalloinvest Holding (Cyprus) Ltd. (together, the investors) dated Aug. 21, 2016, as amended, has delivered a financing notice dated March 22, 2017, to the investors in respect of a private placement of an aggregate of 12,507,042 common shares of the company at an issue price of 21.3 cents per share for aggregate proceeds to the company of $2-million (U.S.). The private placement will be allocated equally between the two investors.
In accordance with the subscription agreement, the issue price equals the five-day volume-weighted average trading price of the company’s shares on the Toronto Stock Exchange immediately prior to the date of the financing notice, and the number of shares to be issued under the financing notice was calculated based on the noon U.S./Canadian exchange rate of 1.332 posted by the Bank of Canada on the last business day prior to the date of the financing notice.
Closing of the private placement under the financing notice is required to occur during April, 2017, and within 10 business days following payment of the subscription proceeds by the investors to the company, pursuant to the subscription agreement.
The private placement forms part of the up to $20-million (U.S.) financing approved by the company’s shareholders at the extraordinary general meeting of the company held on Oct. 26, 2016.
About Nautilus Minerals Inc.
Nautilus is the first company to explore the ocean floor for polymetallic seafloor massive sulphide deposits. Nautilus was granted the first mining lease for such deposits at the prospect known as Solwara 1, in the territorial waters of Papua New Guinea, where it is aiming to produce copper, gold and silver. The company has also been granted its environmental permit for this site.
